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
Douglas Emmett's Jordan Kaplan with 21600 Oxnard Street (Getty, LoopNet)
Douglas Emmett claims Center for Autism owes $4.7M
Douglas Emmett claims Center for Autism owes $4.7M
DTLA office buildings
LA office leasing slows with deals “falling out of contract”
LA office leasing slows with deals “falling out of contract”
Jeff Bezos and Water Garden at 2450 Colorado Avenue (Getty, Google Maps)
Amazon signs LA’s largest office lease of year
Amazon signs LA’s largest office lease of year
Pasadena Mayor Victor Gordo with the 710 stub (City of Pasadena, Google Maps)
Returned 710 Freeway parcel in Pasadena apt for development
Returned 710 Freeway parcel in Pasadena apt for development
From left: 17877 & 17875 Von Karman Ave in Irvine, PGGM CEO Edwin Velzel and MetLife CEO Michel Khalaf (LoopNet, PGGM, MetLife)
MetLife, PGGM buy Irvine creative office in biggest OC deal of year
MetLife, PGGM buy Irvine creative office in biggest OC deal of year
LaTerra Development's Charles Tourtellotte with 4112 Del Rey Avenue (LinkedIn, Loopnet)
LaTerra buys Marina del Rey office complex
LaTerra buys Marina del Rey office complex
FS Investments' Michael Forman and Tishman Speyer's Rob Speyer with 555 South Aviation Boulevard (Tishman Speyer, LoopNet, iStock)
Tishman Speyer notches priciest LA office sale of year
Tishman Speyer notches priciest LA office sale of year
Hacienda Associates' Ernesto Fonseca with 225 West Broadway (Hacienda Associates, LoopNet)
Value of Glendale office building dips to $217 psf
Value of Glendale office building dips to $217 psf
arrow_forward_ios

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

Loading...