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Tuesday, Mar 19, 2024
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Historic downtown building part of $196M acquisition

Kearny Real Estate Co. of Los Angeles, which has a San Diego office, has acquired a $196 million portfolio of property loans in a partnership with Morgan Stanley Real Estate Investing.

According to John Bragg, a partner in Kearny’s San Diego office, the portfolio includes the historic Colonel Fletcher Building, at 604-624 Broadway in downtown San Diego. The four-story structure was built in the early 1900s and in recent years was developed into office condominiums.

In a statement, New York-based Morgan Stanley said the acquired portfolio includes a combination of performing, subperforming and nonperforming loans, backed by collateral property in California, Nevada, Washington, New Jersey and New York.

The company said the portfolio consists of 45 assets with a principal balance of $196 million, acquired from Taiwan-based Chinatrust Commercial Bank.

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