SANTA MONICA, CA—A partnership of the Luzzatto Co. Inc. and Welk Real Estate Inc. has gained $14 million to refinance a 62,000-sq.-ft. office here.
The building at 2700 Pennsylvania Avenue is located a few blocks from the intersection of Cloverfield Boulevard and Interstate 10, and is one block from the new Bergamot Station of the Expo Light Rail line that will open in 2015. The creative office space is 100 percent leased to two tenants: Yahoo! and Jakks Pacific.
HFF arranged the seven-year, fixed-rate loan through Principal Real Estate Investors. The HFF debt placement team representing the borrower was led by director Chris Vittetoe and real estate analyst Steven Paskhover. Welk Real Estate is the real estate affiliate of the Lawrence Welk family holding company.