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CBRE Recognized for Real Estate Industry’s "Best Use of Automation" by Realcomm

CBRE Arranges $12 Million Loan for Refinance of Industrial Building in Moorpark, Calif.

Los Angeles, CA | August 13, 2019
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Los Angeles – CBRE arranged a $12 million refinance for a 143,973 square-foot industrial property located in Moorpark, Calif.

Shaun Moothart, Bruce Francis, Jim Korinek, Bob Ybarra, Dana Summers, and Doug Birrell of CBRE Debt and Structured Finance arranged the 7-year loan on behalf of owner, Nearon Enterprises, a privately-held real estate investment company based in Walnut Creek, Calif.

Princeton Industrial, a single-tenant property located at 14501 Princeton Avenue, was built in 1986 and extensively renovated by Nearon Enterprises in 2017 and 2018. These renovations included the update of the building facade with floor-to-ceiling glazing, a new roof, upgrades to the electrical, mechanical and other building systems, epoxy flooring in the fully conditioned warehouse assembly area, and the installation of private offices. The property is 100 percent occupied by AeroVironment Inc., a $1.3-billion manufacturer of unmanned aircraft for defense and commercial uses.

“The debt market responded very favorably to the financing opportunity, given the high quality of the asset, stable market fundamentals and strength of sponsorship,” said Moothart. “This is one of the most attractive buildings in the Ventura industrial submarket.”

Added Nick Rini, vice president of acquisitions and asset management for Nearon, “Like any financing, this assignment featured various complexities. Keeping our strategic goals and objectives for the property in mind, CBRE was able to deliver an exceptional outcome, achieving competitive pricing and proceeds, while critically minimizing burdensome structure.”

The Greater Los Angeles industrial market showed its strength at the mid-point of the year with positive market dynamics, according to second-quarter CBRE research. Vacancy declined further as rental rates rose. Despite the lack of available product, activity levels increased in four of the six submarkets. Steady demand from e-commerce related users and third-party logistics has helped drive the current industrial cycle. As a result, occupancy gains improved further squeezing available supply.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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Nadja Brandt
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