The buyer was Pacific Sorrento LLC. The buyer assumed a $10 million loan serviced by Midland Loan Services. The Westcore Properties entity selling the property was Westcore Oberlin LLC.
Westcore Properties represented itself in the negotiations. Pacific Sorrento was represented by Fouy Ly of the Irvine office of Sperry Van Ness.
When Westcore acquired the property in 2005, the building was 100% leased to Advanced Marketing Systems, according to Gary Katz, senior vice president for Westcore. "That company went bankrupt and vacated the building in August 2007 and in December 2007 Westcore was able to lease the entire building to Qualcomm on a long-term lease," he says. "By re-establishing the occupancy, we were able to accomplish our business plan and meet our objectives for this asset."
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