Mission Capital Advisors Debt and Equity Finance Group Secures $27.4 Million of Financing for Acquisition of Pleasanton Office Portfolio

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PLEASANTON, Calif.  — Mission Capital Advisors, a leading national real estate capital markets solutions firm, today announced that its Debt & Equity Finance Group has arranged $27.4 million in non-recourse acquisition financing for Britannia Business Center III, a 191,000-square-foot office and R&D portfolio in Pleasanton, California.

The Mission Capital team of Director Steven Buchwald and Analyst Lexington Henn secured the non-recourse loan on behalf of Ridge Capital Investors. Mission Capital’s Asset Sales Group brokered the REO acquisition, with the team of Managing Director Will Sledge, Vice President Patrick Arnold and Director Gregg Applefield arranging the $35.1-million deal.

“This transaction is a testament to Mission Capital’s capabilities as a full-service capital markets solutions firm,” said David Tobin, principal of Mission Capital. “In addition to arranging the REO sale, we were able to secure through-the-market acquisition financing at extremely favorable rates. Coming on the heels of a several other deals we closed this year, including the financing of retail, office, industrial, multifamily and hospitality assets, this deal underscores our increased prominence in the California market.”

Britannia Business Center III contains approximately 125,000 square feet of office space and 66,000 square feet of research and development facilities, located in three, non-contiguous, single-story buildings. The R&D holdings are fully occupied by contact lens developer CooperVision, Inc. The portfolio is occupied by eight tenants.

“With the strength of this office portfolio, sponsorship, and the market’s real estate fundamentals, we received a great deal of interest in this offering from both commercial banks and debt funds,” said Buchwald. “With our access to a wide range of lenders, we were able to secure an excellent offer from a unique insurance company that was the perfect financing partner for this type of asset. The lender was able to provide a bridge loan that offers higher leverage than commercial banks and better rates than debt funds, ultimately providing the best loan package to the sponsor.”

Ridge Capital Investors is a nationally recognized, San Francisco-based investment and development firm. The firm, which focuses on West Coast value-add opportunities, will invest more than $2.5 million in capital upgrades, rebranding the portfolio as Diablo Technology Center.

“With their plans for significant upgrades that will transform the buildings into best-in-class office assets, this was a strategic acquisition for Ridge Capital,” said Sledge. “Additionally, the portfolio’s vacant space is entirely contiguous, and can potentially reach full occupancy by securing a single tenant.”

Situated in Pleasanton, a suburb of San Francisco, the 13-acre portfolio is located within Hacienda Business Park, and neighbors several global technology companies, including AT&T and Hewlett Packard.  The well-situated portfolio is near several major airports and highways, and is accessible to San Francisco and Oakland via mass transportation. It is also near a host of choice retail establishments, including restaurants and shopping centers.

About Mission Capital Advisors
Founded in 2002, Mission Capital Advisors, LLC is a leading national, diversified real estate capital markets solutions firm with offices in New York City, Florida, Texas, California and Mobile, Alabama. The firm delivers value to its clients through an integrated platform of advisory and transaction management services across commercial and residential loan sales; debt, mezzanine and JV equity placement; and loan portfolio valuation. Since its inception, Mission Capital has advised a variety of leading financial institutions and real estate investors on more than $45 billion of loan sale and financing transactions, as well as in excess of $14 billion of Fannie Mae and Freddie Mac transactions, positioning the firm strongly to provide unmatched loan portfolio valuation services for both commercial and residential assets. Mission Capital’s seasoned team of industry-leading professionals is committed to achieving clients’ business objectives while maintaining the highest levels of integrity and trust. For more information, visit www.missioncap.com.

West Coast Commercial Real Estate News