Commercial real estate is the next shoe to drop and recovery is a long way out
- Thread starter usctrojanman29_IHB
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bltserv_IHB
New member
I guess we could say this a bit of a "Shoe Dropping".
Looks like Maguire is walking away from a chunk of Irvine High Rise Commercial Property.
The company said it will stop paying “the cash shortfall” on the following properties:
Park Place I in Irvine
Park Place II in Irvine
Stadium Towers in Anaheim
2600 Michelson in Irvine
Pacific Arts Plaza in Costa Mesa
500 Orange Tower in Orange
550 South Hope in Downtown Los Angeles
http://lansner.freedomblogging.com/2009/08/10/maguire-to-turn-over-6-oc-buildings-to-banks/32929/
Looks like Maguire is walking away from a chunk of Irvine High Rise Commercial Property.
The company said it will stop paying “the cash shortfall” on the following properties:
Park Place I in Irvine
Park Place II in Irvine
Stadium Towers in Anaheim
2600 Michelson in Irvine
Pacific Arts Plaza in Costa Mesa
500 Orange Tower in Orange
550 South Hope in Downtown Los Angeles
http://lansner.freedomblogging.com/2009/08/10/maguire-to-turn-over-6-oc-buildings-to-banks/32929/
Oxtail_IHB
New member
Maguire Properties stock up 15% on the news. Preferreds up 30%. Gotta love this market!