Ratkovich scores $150M recap for sprawling office campus, The Alhambra

The mixed-use complex is 90% occupied

Los Angeles /
May.May 16, 2019 12:00 PM
Ratkovich Company’s Wayne Ratkovich
Ratkovich Company’s Wayne Ratkovich

The Ratkovich Company just scored a second major loan in as many months.

The company scored a $150 million loan to refinance The Alhambra — a massive office campus between Downtown L.A. and Pasadena — not long after securing $30 million for the San Pedro Public Market development near Long Beach.

Wells Fargo provided the funds for Ratkovich, the primary investor of the 355,000-square-foot office complex at 1000 South Fremont Avenue in Alhambra, the Commercial Observer first reported. The ten-year loan closed at a 4.22-percent interest rate in the beginning of May.

The property is 90 percent leased, and last year it earned $24.4 million in rent, with $10.6 million in expenses, according to the Commercial Observer report. USC is the largest tenant with 137,500 square feet. Other leases include the nonprofit Eastern Los Angeles Regional Center, and agencies for Los Angeles County including its parks and recreation department.

Ratkovich bought The Alhambra complex in 1999 and has controlled an equity stake in it ever since. The company previously secured a $130 million loan from Goldman Sachs in 2006, and sold a majority stake to China-based ELITE International Investment Fund in 2017. Ratkovich also manages the Hercules Campus creative office space on the site of a hanger that belonged to Howard Hughes.

Earlier this year, B2 Partners sold a new dialysis clinic in Alhambra for $15 million. [CO]Gregory Cornfield


Related Articles

arrow_forward_ios
Ratkovich Company’s Wayne Ratkovich and the Alhambra at 1000 South Fremont Avenue (Getty, Ratkovich)

Here’s what tenants are paying at Ratkovich and partners’ Alhambra campus

Here’s what tenants are paying at Ratkovich and partners’ Alhambra campus
Rockwood Capital's Walter P. Schmidt, LPC West's David Binswanger, and Deka Immobilien's Ulrich Bäcker. (915 Wilshire, Rockwood, LPC, Deka)

Rockwood Capital, Lincoln Property sell DTLA office tower for $196M

Rockwood Capital, Lincoln Property sell DTLA office tower for $196M
Burbank Studios with Blackstone's Nadeem Meghji and Jeffrey Worthe (Google Maps)

Blackstone partners with Worthe Real Estate on 500K sf office tower

Blackstone partners with Worthe Real Estate on 500K sf office tower
Continuum CEO Mark Falcone and a rendering of the project (EYRC Architects via Urbanize)

Continuum Partners, Platinum Equities plan Arts District office tower

Continuum Partners, Platinum Equities plan Arts District office tower
The Beverly Hills office (Credit: Google Maps)

Sam Hakim-led family firm pays $36M for Beverly Hills office

Sam Hakim-led family firm pays $36M for Beverly Hills office
Onni Group’s Rossano De Cotiis and a Wilshire Courtyard rendering

Onni Group’s Wilshire Courtyard overhaul would triple square footage

Onni Group’s Wilshire Courtyard overhaul would triple square footage
Adam Belfer and Asher Luzzatto with a rendering of the converted dairy

Luzzatto scores $49M construction loan for Sweetgreen HQ in West Adams

Luzzatto scores $49M construction loan for Sweetgreen HQ in West Adams
1.6 million square feet of office space was leased in L.A. in Q3

LA office market leasing fell 61% in Q3

LA office market leasing fell 61% in Q3
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...