LOS ANGELES, Calif. (July 6, 2023) – Bandon Capital Advisors, a leading commercial mortgage banking and capital advisory firm based in Los Angeles, California, recently arranged a loan transaction of $11.5 million for the refinancing of a 3.11-acre covered-land industrial site with space for Industrial Outdoor Storage (IOS) in Costa Mesa, California, and secured $5 million in financing for two single-tenant industrial assets in Burbank and Pico Rivera, California on behalf of its client, BLT Enterprises.
There is a rising call for IOS properties as e-commerce exploded during the pandemic. As logistics companies look for last-mile delivery locations, industrial properties with excess land are in high demand, according to Bryan Kenny, Co-Founder and President at Bandon Capital Advisors.
“Both online shopping and consumers’ call for quick delivery services, which escalated during the pandemic, show no signs of abatement,” says Kenny. “Given the rise of ecommerce and subsequent increased need for storage and transportation properties across the United States, we’ve seen the IOS segment soar in recent months – particularly in Southern California, as available industrial space grows scarcer and rental rates continue to climb.”
IOS fills a critical need for logistics companies, especially in markets with little or no remaining vacant land, Kenny adds. “This is a growing asset class garnering the attention of institutional capital over the past few years.”
The site, which includes a 12,588 square-foot truck and automotive maintenance facility and office building, has been leased to a group of local Hyundai dealerships. The tenants plan to use the property as a reconditioning, repair, and storage location for its fleet.
Kenny notes that for the refinancing transaction, Bandon secured a long-term fixed rate loan with some interest-only periods followed by a 30-year amortization schedule with a trusted life company lender, meeting the borrower’s financing needs.
The property is located at 3539 Howard Way, Costa Mesa, CA.
Los Angeles County Industrial Assets
Bandon has secured refinancing for two single-tenant industrial properties in the L.A. County cities of Burbank and Pico Rivera. The assets feature a combined total of 20,646 square feet and $5 million in refinancing via one of Bandon Capital’s life company lending partners.
“We take pride in understanding our clients’ needs and customizing our approach to their specific business and financial objectives,” explains Kenny.
Bandon secured both deals with aggressively priced, long-term fixed-rate terms including interest-only periods followed by 30-year amortization.
The properties are located at 2901 Thornton Ave, Burbank, CA, and 7748 Industry Ave, Pico Rivera, CA.
About Bandon Capital Advisors
Bandon Capital Advisors is a Los Angeles-based leading mortgage banking and advisory firm with four offices in California that focuses on a relationship-driven approach to commercial real estate financing. We partner with borrowers to truly understand their needs and provide capital solutions that benefit them in the long term. Bandon was founded by six partners with a vision to transform a highly transactional industry into one focused on people.
