CRE Dominoes: 8000 Marina Blvd Defaults
November 12, 2009
8000 Marina Blvd, the 193,519 square feet Class A office project in Brisbane has gone into default. The building was acquired by Broadway Partners in 2006 for approximately $54M ($280 psf). Broadway, on its website is reporting that it disposed of the asset in August of 2007 though we’re not quite sure to who. The [...]
Read More >>4280 Hacienda in Pleasanton In Default
November 6, 2009
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 [...]
Read More >>More Signs of Trouble in San Francisco
June 22, 2009
A couple months ago we featured a map which plotted default notices and trustee sale notices in San Francisco. We’ve decided to revisit the map and provide some perspective of how things have changed since April.
Not surprising, the number of defaults, trustee sale notices, and actual sales (red) are up by almost 100%, while we [...]
90-Day Foreclosure Moratorium Kicks In Tomorrow
June 14, 2009
The new California Foreclosure Prevention Act is kicking in tomorrow (and stays in effect until January 1, 2011). Under the new rules, which apply to owned-occupied homes with first mortgages recorded between January 1, 2003 and January 1, 2008, the time period before a notice of trustee sale can be filed is extended by 90 [...]
Read More >>Fowler in Trouble in Scotts Valley
May 24, 2009
The buildings, which comprise about 136,000 square feet of office space at 1700 and 1800 Green Hills Road, along Highway 17 in Scotts Valley, were bought in 2006 by FPA Scotts Valley Associates, a limited partnership under San Francisco-based Fowler Property Acquisitions. Fowler bought the property from Borland Software for $11.4 million.
Fowler now owes Merrill [...]
They’re Coming: Commercial Foreclosures Gaining Steam
April 16, 2009
The SFGate has an article on the coming wave of commercial real estate distress as it relates to San Francisco. Given where buildings were changing hands at in 2006-2007, and where rents and vacancy are today and where they are headed, this is a natural adjustment for the market. Unfortunately there will be a lot [...]
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