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PCCP Provides $128M Acquisition Loan for 540,000 SF Office Portfolio in Southern California

Inwood-Park-Irvine-CA

Part of a four-building portfolio, Inwood Park in Irvine, Calif., features 163,000 square feet of office space.

NEWPORT BEACH AND IRVINE, CALIF. — PCCP has provided a $128 million senior loan to a joint venture between Angelo Gordon and Lincoln Property Co. for the acquisition and leasing of a four-property office portfolio in Newport Beach and Irvine.

Totaling 540,000 square feet, the portfolio includes the 181,000-square-foot Redstone Plaza, an 83,000-square-foot property at 1201 Dove St. in Newport Beach, the 163,000-square-foot Inwood Park and the 112,000-square-foot Newport Summit in Irvine. Tenants from a range of industries — including finance, marketing, tech, food and beverage, legal, healthcare and real estate — occupy the properties.

The buyer plans to execute an improvement plan to capitalize on strong rent growth and leasing in the submarket, as well as fill any remaining vacancy.

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