JLL closes $80M sale and arranged $44M financing of office campus for corporate client

NEWPORT BEACH, CALIF., Jan. 3, 2023 – JLL Capital Markets announced today that it has completed the $80 million sale and $44 million financing of Imperial Mariner, a four-building office / medical office campus totaling 288,189 square feet in Brea, California.

JLL represented the seller, AdelFi Credit Union (AdelFi), and procured the buyer, Healthcare Property Advisors (HPA). JLL also advised HPA on the $44 million acquisition loan with Farmers & Merchants Bank.

“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,” Blake Bokosky, Senior Director at JLL said. “Imperial Mariner represents a high-quality, well-leased office campus that HPA will clearly benefit from its prior ownership’s vision and execution. 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 consists of four buildings completed between 2002 and 2008. The complex is currently 89% leased to a diverse tenant roster of 15 companies, including St. Jude Heritage Medical Group, NCH Management, EMart America and AdelFi, which will continue to occupy a portion of the campus under a short-term leaseback. 

The property is located at 915 – 975 West Imperial Highway & 950 Mariner St. in the city of Brea, California. The 17.4-acre site has underlining zoning that allows for further medical office or future redevelopment into industrial.

JLL’s Capital Markets team representing the seller was led by Senior Director Blake Bokosky, Managing Director John Chun, Senior Managing Director Louis Tomaselli and Analyst John Andreasen.

“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 added. “To their credit, AdelFi did a tremendous job of maintaining the campus to the highest standards which kept occupancy high during the pandemic.

This is the team’s fourth office building sale in the city of Brea in the past eighteen months, having sold 330 Lambert for $10.65 million earlier this year, as well as Brea Corporate Plaza for $27.55 million and 2727 Imperial for $35.4 million in 2021.

JLL’s Debt Advisory team representing the borrower, consisted of Managing Director John Chun, Associate Sam Godfrey and Director Anthony Sardo.

JLL’s Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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AdelFi was founded in 1964, originally as the Conservative Baptist Credit Union, which merged in 1984 with the Association of Christian Schools International Credit Union to form the full-service financial institution it is today. AdelFi is committed to the mission of equipping individuals and Christian businesses and ministries to better manage their financial resources so they can pursue their God-given mission. AdelFi will begin its next 60 years as a growing alliance of more than 12,000 individuals and organizations whose combined banking activity helps support the spread of the Gospel in more than 130 countries around the world. AdelFi looks forward to serving even more individuals, families, Christ-centered ministries and businesses to protect, grow and share their financial resources.

HPA is a leading and nationally vertically integrated real estate investment and management platform, with 30 years’ experience focused on investing and managing medical and healthcare assets, including industrial, office and retail asset types. HPA has invested over $400 million of healthcare related and industrial real estate since 2014. 

For more information, please visit: ii-hpa.com.