Bandon Capital Advisors recently arranged an $11.5-million loan to refinance a 3.11-acre covered land industrial site with space for industrial outdoor storage (IOS) in Costa Mesa and secured $5 million in financing for two single-tenant industrial assets in Burbank and Pico Rivera on behalf of BLT Enterprises. IOS fills a critical need for logistics companies, especially those operating out of markets with little or no remaining vacant land, according to Bryan Kenny, co-founder and president at Bandon Capital Advisors. “This is a growing asset class garnering the attention of institutional capital over the past few years.”
The site includes a 12,588 square foot truck and automotive maintenance facility as well as an office building that has been leased by local Hyundai dealerships who plan to use it as their reconditioning, repair and storage location. To secure this refinancing transaction Bandon was able to acquire long term fixed rate loan with some interest only periods followed by 30 year amortization schedule from life company lender.
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