As an update to yesterday's post, CoStar reports that Maguire sold the tower for $300 psf or $160 mm, significantly less than the $240 mm ($163 outstanding) construction loan they financed it with. Yesterday, it wasn't clear which building or what the terms were...
Although in the heart of subprime servicer operations in Irvine, the tenants are slightly better in this tower with Hyundai Motor Finance accounting for about 1/5th of the space...
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1 comment:
Wow! That is an interesting bit of news.
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