The capitalization rate for the deal is 9%. The asking rate for vacant space is $2.75 per sf per month. The loan proceeds of $5.5 million are to be used to retire an existing loan originally provided by Finova, and to provide funds for additional real estate investments.
Built in 1964, Hong Kong Plaza is entirely leased, with Hong Kong Market being the major anchor tenant. The property is located in the heart of a very affluent, vibrant Asian community with a population of approximately 140,000 within a three-mile radius.
The new financing was arranged by Bob Morey of Holliday Fenoglio Fowler, a commercial mortgage banking and investment sales firm.
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