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.

Premier Retail Location in Default

Remember the Premier Retail Location by Santana Row we blogged about back in October? Well not surprisingly, the asset is now in default. On the one hand, only big rents can save this thing, but on the other what is the point of marketing it at a ridiculous rent and simply spinning your wheels?
Looking from the [...]

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 [...]

Simon Property Group Going After General Growth

Simon Property Group (SPG: 83.54 -1.21%) has bid $10B for General Growth [GGWPQ.PK]. This comes as little surprise as there has been plenty of talk about Simon seeking to swallow the troubled owner of malls.
The bidding likely will go higher as General Growth also seeks alternative financing from other groups as a way to stay [...]

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 [...]

Closing Up: Ritz Carlton Las Vegas Shutting Doors May 2nd

The Ritz Carlton Las Vegas is set to close on May 2nd as a result of lax demand. The hotel is a bit out of the way, but is certainly a very nice resort. The owner of the property is an arm of Deutsche Bank, which has decided to stop funding the resort effective May [...]

Align Technology Inks 129K SF Lease

Align Technology (ALGN: 19.16 -0.21%) has signed a 7-year lease with Equity Office for two buildings on Orchard Parkway. The 129,000 square foot lease is for 86-months, and consists of two (2) 64,500 SF buildings located at 2560 Orchard Parkway and 2570 Orchard Parkway.
The terms of the lease are:

86 Months
First 2 Months Free
$1.00 NNN start [...]

Panasonic Takes 50K in Cupertino

After being in the market for quite some time, Panasonic has landed in Cupertino. The company leased 50K SF from Tantau Investments LLC, the partnership of Ralph Borelli, Ron Tate, Larry Wallerstein, and John Salera. The 102,500SF building, dubbed Cupertino Crossing is a new (and rather plain looking) 2-story concrete tilt production.
Panasonic is taking the building [...]

Citigroup Unloading Real Estate Unit With Billions In Assets

In a bid to raise capital, Citigroup is in advanced talks to unload it’s global real estate group, a group with an estimated $12.5B of real estate assets. This is huge deal and given the size will probably represent a pretty good deal for suitor. Not to mentioned the portfolio is pretty well diversified geographically, [...]

Transbay Joint Powers Closes on $171M Loan

The Transbay Joint Powers Authority has closed on a $171M federal loan to help it kickstart the massive Transbay Terminal project in San Francisco. This is a good step in the right direction, though additional funding multiples the size of this loan will ultimately be needed.
The entire project will likely end up costing billions. There [...]