Brentwood-based GPI Cos. has closed on $55.3 million in financing for a 200,000-square-foot office building in El Segundo.
The financing was provided by Global Atlantic Financial Group.
“This permanent financing facility underscores our belief in the long-term potential of this property and in the opportunity to create value for our investors for years to come,” Lee Wagman, a managing partner of GPI, said in a statement.
CBRE Group Inc. arranged the construction financing while law firm Allen Matkins represented GPI in the transaction.
GPI purchased the manufacturing building, at 2031 E. Mariposa Ave. for $84 million earlier this year from Angelo Gordon & Co.
The property is leased by a research and design arm of Mattel Inc. It opened in the 1940s as an aircraft fabrication manufacturing facility.
This isn’t the only building with aerospace ties in El Segundo to sell recently.
TA Realty purchased a building at 101 Continental Blvd. from Vereit Inc. for $138.5 million after Northrop Grumman Corp. announced plans to leave; Northrop Grumman sold a complex in El Segundo to Hackman Capital Partners, which is overhauling the property and turning it into creative office space; Raytheon Co. has listed 30 acres on its El Segundo campus, mainly unused parking lots; and Boeing Co. is moving out of an El Segundo office building it was leasing that was sold over the summer for $51 million.
GPI Cos. has had a busy year. Earlier this month, the company announced that it closed on $120 million in construction financing for West End. The $180 million redevelopment project will convert the former Macy’s store at the Westside Pavilion into 230,000 square feet of creative office space.
In August, the company announced a $300 million equity commitment from one of the nation’s largest pension systems. In July, it sold the retail portion of the Burbank Collection for $27 million.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans.
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