While the market is abuzz over Salesforce.com’s acquisition of 14 Mission Bay acres with plans to build 2 million square feet, it’s a plugged-in tipster that notes the never occupied and LEED Certified 280,964 square foot building at 500 Terry Francois Boulevard (“On the Waterfront in Mission Bay”) is scheduled to hit the courthouse steps this Friday.
Financed with a $90 million construction loan which was sold to a private equity group for $52.5 million earlier this year, foreclosure proceedings have begun against the building’s owners (CB Richard Ellis Investors) with $93,514,916.79 now due.
Lionstone, the private equity group, successfully foreclosed and took possession. And today, Lionstone is in contract to sell the property to the Silicon Valley based Sobrato Organization for $91 million.
We’ll let you run the numbers on that return. And don’t say you didn’t have the heads up.
∙ Salesforce.com Acquires 14 Mission Bay Acres To Build 2 Million Feet [SocketSite]
∙ 500 Terry Francois Boulevard Headed For Foreclosure [SocketSite]
∙ Sobrato hits Mission Bay [San Francisco Business Times]