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UCC Searching & Filing:
Best Practices and Common Pitfalls
Join us for a Webinar on July 9th - Presented by UCC
Join us for a discussion highlighting the dos and don'ts of UCC searching, form preparation, and filing. Our presentation will take a close look at the common errors made and will focus on helpful hints to guide searchers and filers through the process.
NEWS
posted by Randy Sierra - Friday, July 3
Opus East, West to file for bankruptcy
The San Francisco Business Times are reporting that Opus East will file chapter 7 and Opus West Chapter 11. Opus West has been an active player in the bay area, find out what each company is planning to do and what is next for these two subsidiaries of Opus Corp.
Opus West developed more than 49 million square feet since starting operations in 1979 and as recently as 2008 had 11 million square feet in planning or under development.
Read the San Francisco Business Times full article
posted by Catherine Phillips - Tuesday, June 23
SF Troubled Asset Count: 206 Properties
Of all US distressed markets, San Francisco Bay Area region ranks 51st with 96 apartment buildings, 45 retail buildings, 20 Office and 12 industrial properties in default.
As of earlier this month the San Francisco metro was home to 205 troubled assets valued at $3.1 billion, according to a new report this month by Real Capital Analytics. The vast majority of troubled assets were apartments (96 properties) and retail (45 properties) but the list also includes hotel (11 properties), office (20 properties) and industrial (12 properties). The list does not include dozens of Extended Stay America hotels in the region that were added to the list this month due to that 800-plus unit hotel chain’s recent bankruptcy filing. The San Francisco region is ranked 51st overall among US markets in distress as a percentage of total property investment volume, according to the report.
posted by Chris Trapani - Monday, June 22
Terranomics NAIBT closes anchored center
Cash-on-cash motivated this sale and it didn't hurt that a $10-million loan with an interest rate below market was assumeable.
"I did a $115-million deal in October and received two calls about it," Wald tells GlobeSt.com."I've had six calls on this one."
Read CityFeet.com's full article.
posted by Randy Sierra - Monday, June 22
CIM Group snaps up 24 Lembi buildings
One owner group has it's bay area footprint grow while the other has it's footprint shrink. Read to find out the details and see how big each resulting footprint is. Good information from J.K. Dineen at the San Francisco Business Times.
CIM said there are no immediate plans to sell the properties. In a statement to the San Francisco Business Times, the group said it will "undertake a comprehensive evaluation of the properties, utilizing its best-practices model for the ownership and management of the apartments."
SF Business Times' full article
posted by Catherine Phillips - Monday, June 22
Glen Cove shopping Center bought for $13M
Yacoel Properties purchased the Safeway-anchored, 66,000-square-foot Glen Cove Shopping Center for $12.9 million from a joint venture between Kimco Realty Corp. and Prudential Real Estate Investors. Dan Wald, Dave Nord, Steve Holm, Mark Koenig and John Schaefer of Terranomics Retail Services represented the seller, while the buyer represented itself.
Yacoel Properties of Newport Beach has bought the Glen Cove Shopping Center in Vallejo for $12.9 million, the first Northern California shopping center to sell this year.
SF Business Times' full article
posted by Randy Sierra - Thursday, June 11
First American Exchange - June Newsletter
Three very relevant articles concerning 1031 exchanges that you can't afford to miss! Learn about the Land American Exchange bankruptcy and what is different with how First American Exchange handles your funds. Learn about how vesting can affect your exchange, and read a news brief on FDIC insurance.
Most importantly, there was a provision in the LES exchange agreement where the clients explicitly gave up all right, title and interest in the exchange funds to LES. Such language is not contained in any of the exchange documents used by First American Exchange Company.
Read the rest of the Exchange Update
posted by Chris Trapani - Thursday, June 11
Murphy Ranch Tech Center sells to Spear Street Capital
No sale price listed, but it is one of the largest sales this year in the Bay Area.
PREI paid approximately $199 per square foot ($70 million) for the property in 2004, when it was 96% leased.
