The 23,000+/- square foot Minato Square, located at 10701 & 10721 Montgomery NE, closed escrow last week. The property consists of a 17,211 square feet of multi-tenant office building and a 6,379 square foot, free-standing restaurant that is currently leased to Pacific Rim.
The transaction was very complex due to the multi-tenant nature of the project and the fact that the buyer, La Vida Vista Property, LLC (an entity owned by retirement community owner/operator La Vida Llena), assumed an underlying loan held by a life insurance company. The motivation behind La Vida Llena's acquisition of the property was a combination of its steady income and tenancy history, along with the fact that they are a tenant in the project and own several retirement communities within the immediate area.
Minato Square was originally constructed and owned by Minato Corporation in the mid 1980's. For almost 20 years, Minato operated a well-known traditional sushi and steak restaurant, named Minato of Japan.
John Ransom, CCIM, SIOR and Tim With, CCIM, SIOR worked as transaction brokers on behalf of the seller in the transaction. Our team has been involved on the only two sales of the property since it was developed.