IMPAC Sells Building for $12 Million

IMPAC Commercial Holdings Inc. sold a Newport Beach building that served as the headquarters of its mortgage unit to a Boston pension fund for $12 million. The 75,000-square-foot building at 1401 Dove St. was acquired by T.A. Associates, according to Trammell Crow Co., the broker that represented the seller and buyer. The deal included the rights from the city of Newport Beach to expand the building by another 27,000 square feet. The building’s main tenant will continue to be IMPAC’s mortgage unit, IMPAC Mortgage Holdings. IMPAC, a real estate investment trust that has been hit hard by a credit crunch in the commercial mortgage market, recently rebuffed a merger bid from Los Angeles-based Apex Mortgage Capital Inc. Instead, Impac plans to proceed with a previously announced plan to be acquired by Dallas-based Amresco Capital Trust.