Dealmaker: Northmarq Arranges $51 Million for San Diego Industrial Park

(Rose Canyon Business Park, San Diego.)

Northmarq recently closed $51.25 million in acquisition financing for Rose Canyon Business Park, a large multi-tenant industrial park in San Diego.

The loan was arranged by Nathan Prouty and Briana Harney in Northmarq’s San Francisco office for client Vertical Ventures. The transaction was structured on a two-year term plus extension options. Northmarq arranged financing for the borrower through its relationship with the bridge lender.

Rose Canyon Business Park is located at 4901-4907 Morena Boulevard in San Diego in the Central San Diego industrial market. It was constructed in 1976 and totals 232,863 square feet across 15 buildings.

“This deal offered in-place rents significantly below market, and 50 percent rollover in the first year. We secured a short-term floating rate loan from a private debt fund,” Prouty said. “The flexible floating rate loan enables the sponsor to carry out their value-add business plan over the next three years.”

The 15-plus tenant industrial park is located just north of Downtown San Diego. Situated on more than 38 acres within the Rose Canyon submarket, the industrial park offers a strategic location with convenient access to San Diego International Airport, the Port of San Diego and various residential communities.