CBRE Group Inc. has arranged a $12 million refinance for a 143,973-square-foot industrial site in Moorpark, according to the Glendale-headquartered commercial real estate firm.
Shaun Moothart, Bruce Francis, Jim Korinek, Bob Ybarra, Dana Summers, and Doug Birrell of CBRE Debt and Structured Finance arranged the seven-year loan on behalf of owner Nearon Enterprises, a private real estate investment company based in Walnut Creek.
Princeton Industrial, a single-tenant property located at 14501 Princeton Ave., was built in 1986. When it bought the property in late 2017, Nearon hired design firm PK Architecture, contractor RCI Builders and project management firm Level PM for an extensive renovation. During the renovation, Nearon fully leased the building to single-tenant AeroVironment, the manufacturer of unmanned aircraft for defense and commercial applications.
“The debt market responded very favorably to the financing opportunity, given the high quality of the asset, stable market fundamentals and strength of sponsorship,” Moothart said in a statement. “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.”
During the late 2017 renovation of Princeton Industrial, Lee & Associates – LA North/Ventura, Inc. President Michael Tingus and colleague Grant Fulkerson represented Nearon in the lease transaction, while Jerry Porter and Seth Wellisch of Cresa negotiated on behalf of AeroVironment.
“Moorpark has always been a sleeper market,” Tingus told the Business Journal. “You can pull good engineers out of Newbury Park, Thousand Oaks, Simi Valley. It’s a great transportation corridor. You don’t get clogged up like on the 101 (freeway).”
Tingus characterized the combination of Nearon’s overhaul of 14501 Princeton and tenant AeroVironment Inc. as “a nice win for the city of Moorpark.”