4280 Hacienda in Pleasanton In Default

A notice of default was filed on the 141,000 SF Britannia II building in Pleasanton. The building is 141,000 SF, and has a $41M first deed of trust on it with Bank of America. The property sits on about 8.3 acres. The notice of default was filed on October 27, 2009. Asking rate is $1.75 NNN on the  vacant building which is a lot higher than what a deal would ultimately get done at. If the $41M is fully-funded (it was originated in 2005), then Bank of America is likely going to take a pretty significant haircut.




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