Bob Morey, senior director for Dallas-headquartered HollidayFenoglio Fowler LP's Los Angeles office, tells that thebuyer acquired the notes from the La Jolla office of Seattle-basedWashington Capital Management Inc., which is the investment managerfor the Southern California United Food & Commercial WorkersUnions and Food Employees Joint Pension Trust Fund.

Holliday Fenoglio Fowler was the exclusive agent for WashingtonCapital Management in the sale. Dave Henderson and Catherine Quinnof PPM Finance worked closely with Holliday Fenoglio Fowler on thetransaction.

The deal is unusual, Morey tells, in that so manyproperties are involved--all owned by separate, private investorsbased in Southern California. Ordinarily, he says, sales of notesusually involve loans on only one or two properties.

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