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 [...]

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 [...]

Symantec Sells Cupertino Buildings to Walton Street

Cupertino-based Symantec (SYMC: 17.28 -0.58%) has finally closed on the sale of it’s 300,000 square foot building at 20300-20330 Stevens Creek in Cupertino.
We first announced the plan by Symantec to sell off its remaining Cupertino assets back in March of 2009.
The 20300-20330 buildings began being marketed during the summer and went into escrow with Mission [...]

101 Wachovia Branches To Close in California

The digestion of Wachovia by Wells Fargo is underway and as part of the process, Wells Fargo will be closing 101 California branches. In addition, 65 existing Wachovia branches will be rebranded. In Santa Clara County, the three branches to be rebranded include:

Berryessa Rd and Sandstone Ln, San Jose
Stanford Shopping Center, Palo Alto
Bollinger Rd and [...]

Apple To Open 40 to 50 New Stores – More Than Half Internationally

Cupertino’s Apple Computer (AAPL: 224.45 +0.27%) announced that it intends on opening 40-50 new stores next year. More than half of them will be international. It also intends to open up some as more significant flagship stores in prominent locations in London, Shanghai, and Paris.
It also recently just opened a new store in Manhattan. That [...]

RREEF and Snell Default on Torre Plaza in Cupertino

RREEF and Snell+Co. have defaulted on Torre Plaza in Cupertino. The 93,000 square foot asset was picked up by Snell and RREEF last August for about $29.2M. The 3-story, class B asset sits on about a 180K SF parcel.
The original loan amount was for $24.5M, and RREEF is about $686K back on the note carried [...]

Gramercy Capital Takes Control of Cupertino Square

It seemed like only a matter of time, but Cupertino Square has finally gone back to the lender. Not much to say except that I hope the new owners will make better decisions that the previous ones who in my opinion had a difficult job in the first place but made some short-sighted leasing decisions.
The [...]

Sunnyvale City Center In Trouble – Developer Wants To Convert to Public-Private Partnership!

The developers behind Sunnyvale City Center have run into a brick wall as far as financing is concerned, and now they want the government’s help to get the project back on track. The Mercury News is quoting Peter Pau, the principal behind Sand Hill Property Company as wanting the city to essentially act as a [...]

Sam Zell Discusses Real Estate

Spotted at Deal Junkie is a video of Sam Zell at the Milken Institute Global Conference. Some of the things discussed include:

From 2003 to 2007, 50% of the institutional real estate traded – and that 50% ended up being over-leveraged
More debt than value, equity guys are out of the market until there are foreclosures
Smart money is [...]

Cupertino Square Bankruptcy

We’ve heard there was a court event on March 31 involving Cupertino Square LLC, but we’re not sure what the status of the bankruptcy is. It’s been almost half a year since the mall declared bankruptcy to halt the foreclosure process, and since then things haven’t gotten much better for the troubled shopping mall.
If anybody [...]