Turkish Real Estate Fund Buying Distressed Assets
San Francisco Business Times reports: Another day, another Polidev acquisition.
Polidev International Friday bought Edgewater Park Plaza in Oakland for $12 million, the second day in a row the Turkish real estate fund acquired a Bay Area office property.
The a four-building 204,000 square foot property is located at 7700 Edgewater Blvd., just off Hegenberger Road near Oakland Airport. The previous owner was Tiburon Capital, although Polidev negotiated directly with Chase JP Morgan, which had a loan on the property. The property was in default and the previous owner held a $13.3 million first mortgage on the asset, according to global commercial property research firm Real Capital Analytics.
On May 10th, Polidev bought 351 California St. at auction for $35 million. The San Francisco-based company, backed by Instanbul-based investors, is looking to acquire other Class B properties in West Coast cities.
Polidev picked up Edgewater Park Plaza at a price that was about half of what properties in the Hegenberger Road sub-district were trading at. Polidev bought the complex for $60 a square foot; properties in the area were selling for between $110 and $125 a square foot in 2007 and the first half of 2008.
View the full article on San Francisco Business Times: Turkish Real Estate Fund Buying Distressed Assets
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Posted by: Nina Turner