Working on behalf of SunCoast Properties Inc., HFF director Aldon Cole and associate director Rob Hinckley placed the 10-year, 5.97% fixed-rate loan with John Hancock Real Estate Finance. Loan proceeds will prepay and retire an existing first lien financing with the remaining funds earmarked for SunCoast's future growth opportunities. Privately-owned SunCoast manages and leases approximately one million sf of commercial properties in Orange County and San Diego.

Specifically, the financing goes to pay paid off a Deutsche Bank loan from 1998 that was maturing, and that will free up SunCoast to do other deals in Southern California, Hinckley says. "They're using some of the proceeds from this financing too look at other acquisitions around the Southern California area," he says.

There are no plans to put the center up for sale, he says, adding, "This is definitely a long-term hold, and they have no foreseeable plans to sell it."