Dealmaker: JLL Closes $80M Sale, $44M Office Campus Financing

(Imperial Mariner, Brea, Calif.)

JLL Capital Markets, Chicago, completed $80 million in sales and secured $44 million in financing for Imperial Mariner, a four-building office/medical office campus in Brea, Calif.

JLL represented seller AdelFi Credit Union and procured buyer Healthcare Property Advisors, both headquartered in Brea. JLL also advised HPA on acquiring the $44 million acquisition loan from Farmers & Merchants Bank, Miamisburg, Ohio.

JLL Senior Director Blake Bokosky, Managing Director John Chun, Senior Managing Director Louis Tomaselli and Analyst John Andreasen represented the seller. The Debt Advisory team representing the borrower included JLL Managing Director John Chun, Associate Sam Godfrey and Director Anthony Sardo.

Zoning for the 17.4-acre site at 915 – 975 West Imperial Highway & 950 Mariner Street – allows for further medical office or future redevelopment into industrial.

“HPA was drawn to Imperial Mariner as an attractive investment through their pursuit of well-performing office assets that have alternative uses and future redevelopment potential,” Bokosky said. “New ownership will have the potential to further the medical occupancy or redevelop the site in phases to Class A industrial product as a downside scenario.”

Imperial Mariner has four buildings completed between 2002 and 2008. The complex is currently 89% leased to 15 companies including St. Jude Heritage Medical Group, NCH Management, EMart America and AdelFi Credit Union, which will continue to occupy a portion of the campus under a short-term leaseback. 

“We continue to see both tenants and investors gravitate toward high-quality, low-rise, surface-parked office assets in Orange County that have the potential for alternative uses if the rent roll ever deteriorates,” Bokosky noted.