FOR IMMEDIATE RELEASE
Contact: Jessica Neuman / Gina Salinas
IDEA HALL
(714) 436-0855 ext. 31 / 30
jessica@ideahall.com /
gina@ideahall.com
Buchanan Street Partners Contributes $3.4 Million in Equity and Structures
$16.8 Million Loan for Acquisition of Five-Story Multi-Tenant Office Building
- Buchanan Fund V provides equity and structures bridge loan.
- Low vacancy rate put large block space in high demand.
Newport Beach and Los Angeles, CA (October 5, 2006) - Buchanan Street Partners, a national real
estate investment bank, has funded $3.4 million in equity with Davenport Partners to acquire a five-story
multi-tenant Class B office building in Covina, CA. Buchanan Street invested alongside the Newport
Beach-based owner/developer/operator, who contributed 20 percent required equity. The acquisition
was bridged with a $16.8 million loan from Wrightwood Capital, also arranged by Buchanan Street Partners.
The 90,000-square-foot office building was built in 1981 and is situated on nearly an acre of land.
It is currently vacant and located one block north of the 10 freeway and within a five mile radius of
four other major Los Angeles freeways. Local amenities include several restaurants and the Eastland
Shopping Center, all within walking distance. Following a number of renovations, the space will lease
over an anticipated 18-month timeframe to both large block and small tenants.
"With a six percent vacancy rate in the Los Angeles market and minimal supply of large block space
available to tenants, we are confident that this acquisition will prove to be a smart investment,"
said Robert Brunswick, president and CEO of Buchanan Street Partners.
This is Buchanan Street Partners' fifth investment with Davenport Partners.
About Buchanan Street Partners…
Buchanan Street Partners is a national real estate investment
bank that provides real estate capital and advisory services for owners and developers and investment
management for institutional and high-net-worth investors. The firm's advisory services include
structured finance and investment sales for commercial, multi-family, hotel and self storage
properties. Buchanan's investment management business invests equity and structured debt capital
with local operating partners nationally. Offices are located in Newport Beach, Los Angeles,
San Francisco, Chicago, Atlanta and Washington D.C.
About Davenport Partners…
Newport Beach, CA-based Davenport Partners is a real estate
investment enterprise that acquires, improves, and manages real estate assets, specifically targeting
office buildings in Southern California. The principals of Davenport Partners have collectively acquired,
developed, and operated more than eleven million square feet of office and industrial properties
throughout Southern California.
