AB2640 Seeks to Repeal 1031 Exchanges in California

First of all, for those of you who dropped me a note wondering if I was still alive, rest assured I am. Thanks for the concern.
Now to the pressing issue, a bill within the California state assembly which seeks to repeal the tax benefits of 1031 exchanges in California. We’ve been discussing for a while [...]

$46B in CMBS Balances Now Delinquent

RealPoint’s February report is out and things continue to get worse on the CMBS front. Not only is the oustanding CMBS loan amount huge, but the rate of growth is staggering. The amount of distressed 90+ day loans rose 28% in one month.
In January 2010, the delinquent unpaid balance for CMBS increased by another $4.3 [...]

LeFrak and Flexner on CNBC

Tom Flexner, head at Citi Global Property and LeFrak of the LeFrak Organization on CNBC. Lots of capital sitting on the sidelines, and LeFrak is trying to figure out how to deploy it. Flexner’s answer: reduce your return requirements.

Golden State Portfolio Hits The Market

Back in December, CBRE won the pony show to sell off a 7 million square feet portfolio of our property. It’s officially hit the market and just in time for IOU’s.

San Jose Update

The Redevelopment Agency has issued its monthly report and while activity at downtown San Jose condos seems to be improving, sales continue to be extremely slow:

360 Residences – 0/213 Units Closed Escrow (but they are getting a Subway on the ground floor!)
Axis – 86/329U Closed Escrow
City Heights – 95/124 Units Closed Escrow
Tower 88 – 57/197 [...]

Moodys’ Commercial Property Price Index Increases 4.1% In December

Moody’s CPPI registered another gain for December. The index rose by 4.1% in December, following a 1% increase in November, marking the second consecutive month of increases.
Despite transaction volumes up dramatically over previous lows, and prices beginning to rise, Moody’s remains cautious on the future, citing in its report that “it would be naïve and [...]

Creditors Push For Auction of Whistler on Friday

The site of the 2010 Winter Olympics may be headed for auction on Friday. Apparently investors in the resort are back on payments on a $524M loan the used to acquire Whistler and other resorts and creditors are pushing for a sale to happen as soon as Friday.
The story begins in the distant days when [...]

2010 Silicon Valley Index Released

Joint Venture Silicon Valley Network has released its comprehensive Silicon Valley Index for 2010. The 76-page report covers everything Silicon Valley, from governance, to economy and society.
The full report can be downloaded from here. We’ll also link to it from our link bar.
[via Joint Venture]

Prudential Takes Back Torre Plaza

It was imminent, but Prudential has taken back Torre Plaza from RREEF/Snell in a non-judicial foreclosure action. The building was taken back on a credit bid of about $17.6M or $187 psf, which it is not worth.
We first wrote up a post about the default back in October. This ended up being a raw deal [...]

Sheraton in Pleasanton Sold for $12.3M

About a year ago we reported on the default of the Sheraton in Pleasanton. The hotel has now changed hands to a group of investors for $12.3M, or $72K per key (170 rooms).
The buyers, a partnership of Sethi Enterprises and Kapoor Enterprises expects to dump an additional $2m into the asset to upgrade lobbies and [...]