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Olympia Plaza Repositions With $16M Refinance

SAN DIEGO-The 130,805-sf office project receives a refinance to stabilize the asset. The property changed hands last October on a $22-million sale.

By Daniel D. Williams | Updated on January 31, 2005

SAN DIEGO-With a strengthening office market, office property owners in the city are taking advantage of favorable fundamentals and repositioning their assets. One such property is Olympia Plaza, a 130,805-sf suburban office project, which refinanced recently for $16 million.

The Orange County office of Holliday Fenoglio Fowler LP arranged financing on the three building office project. Working on behalf of the property owner, Olympia Plaza LLC, HFF director Mark Erland secured a 10-year, 5.5% fixed-rate loan with three years interest only and a 25-year amortization through Teachers Insurance and Annuity Association. The loan to value was 75%. “Despite the tenant roll-over during the loan term, HFF was able to secure 75% loan-to-value financing based on the property’s strong tenant history, good local market, and in-place rents,” Erland says.In October, the property changed hands when Olympia Plaza LLC, with Olympia Plaza Holding Co. Inc. as managing member, acquired the property from Janney Enterprises LP for $22.2 million. In the deal, Andrew Meyers of Grubb & Ellis/BRE Commercial represented the seller. Paul LaFrenz of CB Richard Ellis and Mort McCarthy of Burnham Real Estate Services/Oncor International represented the buyer. Janney had acquired the 11.43-acre parcel in January 2002 for some $15.5 million.Completed in 1988, Olympia Plaza is 96% leased. The University of Phoenix counts one-third of the space, while SBC holds 26,184 sf, Public On-Line leases 45,433 sf and Kaiser Foundation Health Plan Inc. has 19,000 sf. The property has parking for 403 cars and is located at 3870-3890 Murphy Canyon Rd. in San Diego, adjacent to Interstate 15 and close to Interstates 8 and 805, and State Highways 8 and 163.

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