The buyer assumed $23.77 million in combined first- andsecond-mortgage financing. The 10-year fixed-rate financing has a30-year amortization, a blended interest rate of 5.7% and aloan-to-value of 70%. The capitalization rate for the new owner is5.65% based on trailing three-month NOI, according to Marcus &Millichap, whose M&M Capital Corp. affiliate assisted the buyerwith the financing.

The new owner is a private Bay Area family with an internationalconnection that exchanged into the property, according to M&M.The county lists several related LLCs as the new owner: OR PropertyHoldings, MBOR Property Holdings, GOR Property Holdings and VORProperty Holdings. The agent for all of the entities is MarissaReyes of 329 Alta Mesa Dr. in South San Francisco; she could not bereached for comment.

"This institutional-quality property was purchased by a privateinvestor who needed our help presenting their qualifications toFannie Mae," says M&M Capital Corp. senior director MarshallDeWolfe.