Lincoln Property Lines Up $65M Refi for Los Angeles Campus
Lincoln Property Co. has obtained a $65 million loan for the refinancing of Wateridge, a 585,580-square-foot office and retail campus in West Los Angeles. JLL Capital Markets secured the five-year, fixed-rate financing through Deutsche Bank.
Lincoln Property purchased the six-building campus back in 2016 from The Muller Co. in a $135.3 million portfolio transaction, according to CommercialEdge data. Metropolitan Life Insurance Co. provided a $77 million loan for the acquisition, the same source shows.
Completed between 1989 and 2005, the buildings received cosmetic renovations in 2001 and 2018. The campus comprises three Class A, multi-tenant office buildings, a single-tenant medical office asset and a multi-tenant strip retail complex with a fitness center and several dining options.
Wateridge’s campus incorporates 208,999 square feet of office space at Wateridge —5105, 5100 & 5110 West Goldleaf Circle, 200,890 square feet of office space at Wateridge —5140 & 5150 West Goldleaf Circle, 104,162 square feet of office space at Wateridge —5120 West Goldleaf Circle and 37,921 square feet of retail space at 5035 West Gold Leaf Circle.
JLL’s Managing Directors Todd Sugimoto and Mark Wintner along with Director Chad Morgan led the Capital Markets team, working on behalf of the borrower. At the time of the deal, Wateridge was 80 percent leased to credit-tenants including the County of Los Angeles, Kaiser Health Foundation and Providence Health.
Los Angeles tops the nation for office sales
Located near the intersection of La Cienega Blvd. and West Slauson Ave., the campus is between the Baldwin Hills and Culver City submarkets. Wateridge is close to Interstate 405, providing easy access across the Los Angeles metropolitan area.
Last year through October, the market saw the largest office transaction volume in the nation, according to a recent CommercialEdge report. Around 7.5 million square feet of office space traded in Los Angeles for a total of nearly $1.9 billion.
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