GPI lands acquisition loan on Mattel-leased warehouse

A portion of the proceeds from the financing loan will go to renovating the R&D property in El Segundo

Nov.November 26, 2019 01:29 PM
2031 E. Mariposa Ave. and GPI's Cliff Goldstein and Drew Planting (Credit: Google Maps)
2031 E. Mariposa Ave. and GPI’s Cliff Goldstein and Drew Planting (Credit: Google Maps)

GPI Companies nabbed a $55.3 million acquisition loan for its purchase of an El Segundo warehouse that toymaker Mattel leases.

Global Atlantic Financial Group provided the debt on the 200,000-square-foot building, located at 2031 East Mariposa Avenue. GPI confirmed the loan deal.

Law firm Allen Matkins advised the Brentwood-based developer on the financing and CBRE was the broker that arranged the loan to buy the warehouse that Mattel uses for its research and development division.

GPI paid $84 million for the building, in a deal that closed in September. The seller was New York-based Angelo Gordon & Co.

The East Mariposa property was built in the 1940s as an aircraft fabrication facility, when El Segundo was a hub for aviation-related business. Today, the area has been attracting a growing number of media and technology firms.

GPI has been active in the L.A. area. Earlier this month, the developer closed on $120 million in construction financing to redevelop what had been the Macy’s department store in the former Westside Pavilion. Construction of West End is underway and is projected to wrap up in early 2021.

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