News
$148 MILLION NOTE SALE
September 24, 2012
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| HFF has sold a non-performing loan secured by 900k SF of office properties in LA and San Diego. The loan, with an unpaid principal balance of $148M, was sold on behalf of a special servicer. The HFF team was led by senior managing director Ryan Gallagher (whom we snapped at a CMBA conference last year) and managing director Mark Fallon, with able assists from senior managing directors Richard Plummer and Nick Psyllos, director Andrew Harper, and associate CJ Osbrink. |
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| The portfolio consists of eight properties comprising 16 buildings, including Activity Business Center (above) and Morehouse Tech Center in San Diego. Their average occupancy is slightly above 60%—well below San Diego and LA County?s average vacancies of 14.2% and 13.9%, respectively, according to Voit?s mid-quarter office market reports. (We're pleased that someone has begun a mid-quarterly review and eargerly await when reports become daily, followed by leasing's own 24-hour news network.) |
