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Deal of the Week - Sale

Mark II Portfolio sold

The buyers and seller in the Deal of the Week were represented by Brad Tecca, Rick Reeder, Bryce Aberg and Brant Aberg, of Cassidy Turley.

The 14-building, mixed-use Mark II Portfolio, totaling 235,472 square feet at Miramar and Kearny Villa roads, San Diego, has been sold for $35,151,000.

In three separate transactions, the buyers were ARKA Miramar I LP (50 percent), Pacifica Mark III LLC (35 percent) and SR Mark II Industrial LLC (15 percent), 127 Lomas Santa Fe Drive, Solana Beach 92075. The buyers are entities of SR Commercial.

The acquisition was financed with loans of $11.68 million from Midland National Life Insurance Co., and $6 million and $7,415,000 from City National Bank.

The seller was The Realty Associates Fund VII L.P.

The 15-acre Mark II Portfolio consists of eight single- and multi-tenant industrial buildings, five multi-tenant office buildings and one retail/showroom building fully occupied by 24 Hour Fitness. Current occupancy of the portfolio was 94.4 percent, according to SR Commercial.

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