The disposition, which includes nearly $10 million of cash reserves and assumption of approximately $161 million of project level financing, amounts to roughly $325 per sf, which Mark Lammas, Maguire's executive vice president, calls market-rate."It's definitely in keeping with the market," Lammas says. "That's definitely a solid price for that property."
Main Plaza is located in the heart of the John Wayne Airport area submarket of Irvine and features two 12-story Class A office buildings and two free-standing buildings totaling roughly 607,000 sf.
The disposition is also in keeping with plans laid out in June, a month after Nelson Rising took the helm of Maguire, "to reduce debt, eliminate debt service obligations and increase Funds from Operations by disposing of certain of its assets in Orange County, California," the company said in a statement released at the time.
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