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