Newmark arranged $55 million in acquisition financing for Canvas Costa Mesa, a 553,000-square-foot, five-building office complex located in the SOBECA District of Costa Mesa. Managing director Brian Bowis secured the loan on behalf of buyer MGR Real Estate from Hankey Capital to finance the acquisition.
Bowis commented that “Canvas offered an attractive basis relative to comparable properties and replacement costs” and expressed his pleasure at having worked with MGR Real Estate for their first major office purchase in Orange County market. Located at 3070-3150 Bristol St., Canvas was 68% leased at time of sale with diversified tenants including 5.11, Public Media Group of Southern California, Carollo Engineers and Amen Clinics.
