More than $5 million in financing has been arranged for the purchase of a multi-tenant office property near Scripps Ranch High School, officials announced this week.
The loan for the property, at 9801 Scripps Lake Drive, was secured by Chad O’Connor, an executive managing director at Marcus & Millichap Capital Corporation. The firm did not release further details of the transaction.
O’Connor is seeing increased demand for certain commercial properties.
“Commercial, multi-tenant office properties are seeing active enthusiasm from lenders, especially as workers return to traditional offices and demand for housing and other asset types remain competitive in the Scripps Ranch and Miramar area, demonstrating a robust economy and a strong pipeline for talent in the region,” he added.
The 10-year loan has an interest rate of 3.875% over 30 years. The two-story, 13,628 square foot property is near Interstate 15 and Lake Miramar. The anchor tenant is Kinderacre, a child-care and early childhood education facility.
