Thorofare Capital has provided a $52,230,000 floating-rate senior loan to facilitate a cash-in refinance of two Class B industrial manufacturing and distribution buildings totaling 198,807 square feet located at 1701–1771 South Lewis Street in Anaheim, California.

The property was acquired by the sponsor in January 2023 and consists of two industrial buildings historically occupied by a single owner user. Following acquisition, the sponsor completed a comprehensive renovation program across both buildings, including building upgrades and site improvements designed to reposition the asset for modern industrial use. Renovations were completed in late 2024.

The 1701 building, totaling 81,305 square feet, is fully leased to a long-term industrial tenant operating in furniture installation, warehousing, and logistics. The tenant has executed a lease extension that provides stable in-place cash flow with contractual rent growth. The 1771 building, totaling 117,502 square feet, is currently vacant and positioned for lease-up. As part of the business plan, the sponsor plans to complete a turnkey office buildout and pursue targeted power upgrades to support advanced manufacturing and distribution users.

Loan proceeds were used to refinance the existing maturing loan, fund reserves, and capitalize future tenant improvements, leasing costs, and capital expenditures associated with the lease-up of the vacant building. The floating-rate, interest-only bridge loan provides time and flexibility for the sponsor to execute the stabilization strategy and pursue a sale following lease-up.

The sponsor is a joint venture between two experienced real estate investment firms with a track record of acquiring, repositioning, and leasing industrial assets across Southern California and other major U.S. markets.