Another One Bites The Dust (again...)

Dominoes keep falling in the East Bay commercial real estate market. This time the Tri-Valley was hit (specifically Pleasanton Ca.), with the Britannia Business Center II complex falling into foreclosure. Various news outlets are reporting that the loss of key tenants Nellcor (moved out to Colorado for lower labor costs) and Chrysler (used the bankruptcy to jettison their lease obligation) strangled cash flow, forcing the foreclosure action.

Britannia II was yet another project purchased in 2005 (which was not a great year to be a buyer...)

Click HERE for the full news report...