Office, Retail Campus Gets Refinancing
Refinanced: Wateridge is a six-building mixed-use property in Ladera Heights.

Wateridge, a six-building office and retail campus totaling 584,000 square feet in Ladera Heights, has received $65 million in refinancing.

Jones Lang LaSalle Inc. worked on behalf of the borrower, Chicago-based LPC Realty Advisors I LLC, an investment advisory affiliate of Dallas-based Lincoln Property Co., to arrange the five-year, fixed-rate financing through Germany-based Deutsche Bank.

“The LPC team has done a terrific job transforming Wateridge since their initial acquisition,” Chad Morgan, a director at JLL Capital Markets, said. “The combination of strong cash flow and institutional ownership within West Los Angeles were instrumental to the successful refinance. We greatly appreciate the efforts amongst all parties involved to execute in today’s challenging environment.”

Morgan led the JLL Capital Markets team, alongside managing directors Todd Sugimoto and Mark Wintner.

Wateridge, which is located at 5110-5150 Goldleaf Circle, spans 21 acres in total. The campus consists of three multi-tenant office buildings, a single-tenant medical office, a standalone 24-hour fitness facility and a multi-tenant strip retail center. 

LPC Realty Advisors I bought the Ladera Heights asset for $135 million back in 2016 on behalf of a public pension-fund client. 

It was 80% leased at the time of refinancing; tenants include Kaiser Health Foundation, the County of Los Angeles and Providence Health.

James Brock

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