SF’s Landmark Cannery At Del Monte Square Taken Back By The Bank

While positioned as a calculated move to strategically default and force a restructing of Vornado Realty Trust’s debt on San Francisco’s landmark Cannery at Del Monte Square, it’s a plugged-in tipster that notes the property is scheduled to hit the courthouse steps this afternoon with an opening bid of $13,800,000.
Vornado purchased the property at 2801 Leavenworth for $33.5 million in 2007.
UPDATE: As a plugged-in reader reports: “Went back to the lender for $13,800,000.”
∙ A “Calculated” Default For The Cannery At Del Monte Square [SocketSite]