California On Sale Part II

Posted by Expert Gadget Reviewer on Monday, 26 April 2010

As referenced in my March 2, 2010 post: For Sale (slightly used) - ALL State of California Buildings.... the State of California has decided to sell off 11 state-owned office buildings. Well, the bids are in, and according to reports in the San Francisco Business Times, "Multiple bids were received for the entire portfolio that totaled in excess of $2 billion."

The Business times quoted Kevin Shannon, a vice chairman of CBRE who is running the sale process, "The bids received confirmed that the current supply/demand imbalance for investment product is clearly playing into the State of California’s favor...Based on the bids received, we will be focusing on portfolio buyers only in the next phase of the sales process.”

California wants to sell off the properties, and use the funds to retire up to $1 Billion in bond debt.