Irvine’s LBA Realty has taken over ownership of another part of the Park Place office and retail campus in Irvine.
Los Angeles-based landlord MPG Office Trust Inc., formerly known as Maguire Properties Inc., said on Monday it completed the disposition of Park Place II, an eight-building mix of restaurants and shops along the San Diego (405) Freeway at Jamboree Road.
The buildings, which had been in default of their $98.5 million mortgage loan since last summer, total about 123,000 square feet of space, and were 88% leased at the end of last year.
Terms of the transaction weren’t disclosed. MPG Office officials said the sale was structured in a cooperative arrangement with a special servicer, and the company facilitated the conveyance of the property to LBA Realty.
The deal relieves MPG Office of the obligation to repay the principal balance of the loan as well as any accrued interest, the company said.
LBA Realty took over ownership of another 1.7 million square feet of older office space at the 105-acre Park Place campus last year from Maguire Properties in a similar transaction.