Angelo Gordon, Lincoln Property score $128M loan on 4 office properties

The joint venture just acquired the Orange County buildings, which total 540K sf

Sep.September 25, 2018 03:00 PM
Angelo Gordon CEO Michael Gordon, Lincoln Property Company Senior Executive Vice President David Binswanger, and the Redstone office property.

Lincoln Property Co. and Angelo Gordon & Co. scored a $128 million loan from Pacific Coast Capital Partners for a four-property play in Orange County.

The senior loan goes toward acquiring and leasing a quartet of office properties totaling 540,000 square feet, according to REBusinessOnline. The two New York-based firms plan to improve the properties and increase rents, as well as lease any vacant space.

The Newport Beach properties are the 181,000-square-foot Redstone Plaza at 1300 Dove Street and an 83,000-square-foot office nearby at 1201 Dove Street. The joint venture paid $62 million for the former and $26 million for the latter, according to property records. The properties each sold in 2007 for about $10 million over the joint venture’s purchase price.

In Irvine, the venture picked up the 163,000-square-foot Inwood Park and 112,000-square-foot Irvine Summit buildings for $39 million and $34 million, respectively. All of the properties were owned by Chicago, Illinois-based entities. The sales closed in late August.

Angelo Gordon and Lincoln are frequent partners. Their last big play together in the Los Angeles area was the sale of the 325,000-square-foot Corporate Center Calabasas to Majestic Asset Management for $53 million. They also jointly own the LNR Warner Center — they purchased the 509,000-square-foot complex for $150 million in late 2016. [REBusinessOnline] – Dennis Lynch

Related Articles

LA Mayor Eric Garcetti (Credit: Wikipedia)

More housing development could be coming to SoCal coast

2201 Rosecrans Ave in El Segundo

Continental snags $55M refi on El Segundo office portfolio

From left: Gavin Newsom and David Chiu (Credit: Getty Images and iStock)

Will rent control dent the multifamily market? Lenders, investors weigh in

Toll Brothers CEO Douglas Yearley Jr. and a rendering of 4th + Main

Luxury homebuilder Toll Brothers seeks approval for 220-unit complex amid tepid market

Blackwelder office campus and Kilroy CEO John Kilroy

Kilroy Realty will pay $185M for Culver City media-focused office campus: sources

Universal Music Group CEO Lucian Grainge and a rendering of Colorado Campus Building B

Universal Music Group is expanding footprint at Colorado Campus office complex: sources

Tom Greubel, Vice President of leasing, with Spectrum Terrace and Discovery Park

Irvine Co. renews four tenant leases for nearly 200K sf of office space

Blackwelder office campus and LPC’s David Binswanger

Lincoln Property Co. puts Culver City office campus on the market