MMCC Arranges Refi for Bay Area Fulfillment Center
Marcus & Millichap Capital Corporation (MMCC) arranged $7,100,000 for the refinancing of an industrial property located at 2225 Grant Ave. in San Lorenzo. First VP Bradley Buzil in MMCC’s Los Angeles office worked with associate director Connie Duong to secure the financing with a local credit union.
The property spans 63,245 square feet and is occupied by Feng Transportation Inc., a wholesaler and third-party logistics company that specializes in products sourced from overseas markets. Central to its operations is an Amazon fulfillment center within the building, in addition to the storage of these products.
“Our client achieved outstanding terms amidst a rising interest rate environment,” said Buzil. “The lender demonstrated unwavering commitment by closing the deal at the exact rate and terms outlined in the Letter of Intent (LOI). Notably, we secured a substantial cash-out for the client while simultaneously locking in a new 6.5%, 5-year fixed interest rate with a 30-year amortization.”
