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$148 MILLION NOTE SALE

San Diego

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$148 MILLION NOTE SALE
$148 MILLION NOTE SALE
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.
$148 MILLION NOTE SALE
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.)