Rick Judge of Marcus & Millichap's Newport Beach office, who arranged the financing, says a portfolio lender provided the loan at a 68.75% loan-to-value ratio, with a 6.75% fixed rate, 10-year term and 25-year amortization.
Sold by a Texas-based investment group, Ontario Village is the dominant neighborhood shopping center in the trade area, Judge says. It is anchored by a Stater Bros. supermarket and Pic 'N Save store. Additional tenants include RadioShack, Payless Shoe Source, Little Caesar's Pizza and El Pollo Loco. The fully occupied property was constructed in 1988. Marcus & Millichap Capital Corp. is a subsidiary of Encino, CA-based Marcus & Millichap Real Estate Investment Brokerage Co.
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