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Gramercy Capital Sells Cupetino Square For $60M

October 19, 2009

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]

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Categories: Commercial Development | Commercial Real Estate Investing | Notable Deals
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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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