Chicago, Illinois, May 6, 2011 – Wrightwood Capital, through one of its managed funds, made a $5,300,000 preferred equity investment in an entity managed by Majestic Investments, LLC to acquire a complex of two office buildings comprising 267,268 square feet. Originally constructed in 1983 and 1988, the Sherman Plaza Office complex is located at 15350 Sherman Way, 4 miles north of Encino and 1.4 miles from the Van Nuys Airport. An existing $40,200,000 first mortgage held by Bank of America will be assumed by the principals.
“A solid office property such as this will be well positioned for continued recovery in the office markets,” commented Mark Macedo, Senior Regional Director, Fund Management. “This is our first investment with Majestic Investments, but their expertise with the Southern California office market is extensive.”
Majestic Investments, LCC, a Southern California based real estate investment firm, currently owns a portfolio valued in excess of $100,000,000. Brian Lezak, Managing Partner of Majestic, stated, “The acquisition of the Sherman Plaza property is another step towards growing our portfolio in the Los Angeles area. We look forward to doing more business within our strategic alliance with Wrightwood Capital.” David Fradin, Managing Partner of Majestic added that he “was pleased to add this high quality asset to our portfolio.”
Majestic Investments is a Southern California based private investment and property management company with a portfolio under management consisting of over 60 properties totaling over 1,000,000 square feet of commercial buildings and 1,500 apartment units.
Wrightwood Capital has made over $5.4 billion of loans and investments since 1997, and currently manages approximately $1.5 billion in assets. Smart commercial real estate operators and investors have learned to depend on Wrightwood Capital’s views on risk, credit and capital flows, as well as its ability to custom-tailor debt and equity structures to fuel their real estate business plans.
For more information contact Gunnar Branson at 312.324.5943.