Gramercy Capital Sells Cupetino Square For $60M

The Business Journal is reporting that Gramercy Capital, who took control of Cupertino Square (formerly known as Vallco Mall) in Cupertino through foreclosure, last month sold the mall to a Vietnamese buyer for $60M.

The buyer was Vallco Shopping Mall LLC, who is driven by Tram Be, a businessman out of Vietnam. We’ll see what happens to the mall, but their first step is pretty good, and that is keeping the Vallco name.

[via Little Saigon Inside]

Similar Posts:

• Cupertino Square Trouble Continues as Gramercy Capital Pursues Foreclosure
• Gramercy Capital Takes Control of Cupertino Square
• Cupertino Square Bankruptcy Update
• Cupertino Square Hires New Leasing Team to Help Save Itself
• Cupertino Square Bankruptcy

Comments

Charles October 19, 2009

Wasn’t Gramercy owed something like $120M on this when they acquired it? WOW, talk about hosing the investors! I can’t tell you how glad I am that I declined to participate in this!

squarefeet October 19, 2009

that’s about right. UCB also recently filed a notice of default on something else in that neighborhood too. We’ll see what we can find out….

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