Wednesday, Maguire Properties (MPG) announced that it has completed the sale of Lantana Media Entertainment Campus in Santa Monica, California to an affiliate of Lionstone Group. The company said that it has also sold an office property on the Campus to NARAS Properties Inc, an affiliate of The Recording Academy.
The company noted that this disposition is a part of its previously announced plan to sell certain properties in order to address near-term debt maturities and generate proceeds for general corporate purposes.
Commenting on the transaction CEO Nelson Rising noted that these two transactions has eliminated in full $176 million of obligations under two loans which were scheduled to mature in January and June 2010 and generated approximately $19 million in net proceeds after repayment of the loans.
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