Bob Morey, senior director for Dallas-headquartered Holliday Fenoglio Fowler LP's Los Angeles office, tells GlobeSt.com that the buyer acquired the notes from the La Jolla office of Seattle-based Washington Capital Management Inc., which is the investment manager for the Southern California United Food & Commercial Workers Unions and Food Employees Joint Pension Trust Fund.

Holliday Fenoglio Fowler was the exclusive agent for Washington Capital Management in the sale. Dave Henderson and Catherine Quinn of PPM Finance worked closely with Holliday Fenoglio Fowler on the transaction.

The deal is unusual, Morey tells GlobeSt.com, in that so many properties are involved--all owned by separate, private investors based in Southern California. Ordinarily, he says, sales of notes usually involve loans on only one or two properties.