The automotive parts chain still resides in the multi-tenant building.
—Quantum Capital Partners has secured a five-year loan of $4.4 million for the former Pep Boys headquarters at 1122 West Washington Boulevard here.
Pep Boys originally developed the 50,440-sq.ft. office building in 1984 to serve as its corporate headquarters, and the company will continue as the anchor tenant. Other tenants include Avon Products, which occupies 19,000 sq. ft.; the U.S General Services Administration, which has a 14,830-sq.-ft.office; and the National Association of Latino Elected and Appointed Officials, which occupies 11,807 sq. ft.
Quantum Capital Managing Director Jonathan Hakakha said the property had expenses well above market and during the course of loan processing, three newwere signed. “We got the lender to underwrite to proforma expenses and despite a lack of seasoning, all the new leases. This greatly increased the NOI,” Hakakha said. “Also, the property appraised above the purchase price and we were able to get the lender to lend based on appraised value basis versus the traditional loan to purchase price. This enabled our clients to greatly reduce their equity requirement in the transaction.”