ARLINGTON – Direct lender iBorrow has arranged a $10.2 million loan for the owners of Arlington’s largest industrial and office building.
The 244,590-square-foot Weiss building – better know by locals as the UPS building for its customer center – is 84 percent leased, with tenants that include airplane parts suppliers. The facility at 19405 68th Drive also has 16,108 square feet of office space.
“Our loan will enable the borrower to pay off the existing mortgage and make significant improvements to accommodate tenants that require specialized industrial spaces in the growing aerospace and technology industries,” said iBorrow CEO Brian Good.
“We generally like industrial buildings in this area,” Good said. “Properties like this one are often used to house high-tech aerospace manufacturers, light manufacturers, boat makers and distributors. We think the market is strong. We are bullish on these types of properties throughout the country.”
Local economic development officials said areas such as Arlington with available industrial and manufacturing facilities and land for aerospace could be well-positioned for work associated with the awarding of a $9 billion contract to a Boeing-Saab partnership in September to produce the Air Force’s next-generation T-X training jet.
The building was originally built in the late 1980s for a fish canning company, then was sold for various warehouse and shipping needs. Weiss McTaggart, LLC bought the building in 2013, then renovated it inside and out, including exterior and interior paint, insulating the building envelope, door repair, installation of 10 loading docks, electrical upgrade, and new water and sewer lines for future tenants.
Based on square footage, the city’s next-largest building is Arlington High School.
The Los Angeles-based iBorrow is a nationwide private direct lender for commercial real estate, with an office in Ballard.