Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, has arranged $5.07 million in financing for the purchase of a multi-tenant office property at 9801 Scripps Lake Drive in San Diego, California. The transaction was secured by Chad O’Connor, executive managing director, based in MMCC’s San Diego office.
“Multi-tenant office properties are experiencing increased demand in the market as the real estate landscape returns to a sense of normal,” said O’Connor. “Commercial, multi-tenant office properties are seeing active enthusiasm from lenders, especially as workers return to traditional offices and demand for housing and other asset types remain competitive in the Scripps Ranch and Miramar area, demonstrating a robust economy and a strong pipeline for talent in the region.”
The 10-year loan has an LTV of 65 percent, an interest rate of 3.875 percent and a 30-year amortization. The two-story, 13,628 square foot property is in proximity to the I-15, within close distance of downtown San Diego, as well as numerous local businesses, educational institutions and recreational opportunities such as tennis courts and access to Lake Miramar nearby. The property’s anchor tenant is Kinderacre, a child-care and early childhood education facility.