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. Brian Bowis, Managing Director at Newmark secured the loan on behalf of MGR Real Estate to finance their first major office acquisition in Orange County. Hankey Capital provided the loan to MGR for this purchase.
Bowis commented that “Canvas offered an attractive basis relative to comparable properties and replacement costs” and expressed his pleasure with working with MGR Real Estate on this transaction. The property is situated at 3070-3150 Bristol St., was 68% leased at time of sale featuring tenants such as 5.11 Tactical Series Inc., Public Media Group of Southern California (PMGSC), Carollo Engineers and Amen Clinics Inc..
