homesmillbrae.com » Prepared Statement

Mission West Completes $1.3B Sale

Fri, 28 Dec 2012 06:39:19 +0000

Berg mentioned the possibility of a sale looming in February.

CUPERTINO, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that in one of the bigger deals of the year, Mission West Properties Inc. has completed the transactions to dispose of all of its real estate assets for an enterprise value of approximately $1.3 billion.

Mission West sold certain of its real estate assets to a joint venture entity sponsored by affiliates of Divco West and TPG Real Estate in exchange for approximately $400 million in cash and $398 million in assumed mortgage debts and other obligations, as adjusted for certain closing costs, escrows and other items. GlobeSt.com first reported on the deal in early November, but it had been rumored for some time. GlobeSt.com previously reported that a sale was looming for the company as chairman and CEO, Carl E. Berg, mentioned in February. According to a previous GlobeSt.com article, over the course of this year, the company conducted a broad-based marketing effort with the assistance of various third party advisors, according to Berg.

In addition, Mission West completed a separate transaction with certain operating partnerships in which the operating partnerships retained certain assets and liabilities with an approximate net value of $525 million. Limited partners who did not convert their ownership interests into common stock of the company retained ownership interests in those operating partnerships, according to a prepared statement. Mission West then withdrew as the general partner of each of the operating partnerships and with respect to any limited partnership interests it held in the operating partnerships.

The board of directors has declared Dec. 28, 2012, as the record date for all common stockholders to automatically become the holder of one unit of beneficial interest in a liquidating trust to be established by Mission West for each share of the company’s common stock on a 1:1 basis. All cash, other assets and remaining liabilities of the company are expected to be transferred to the liquidating trust on Dec. 28, 2012.

The board anticipates the initial distribution from the liquidating trust will be completed on or before Jan. 15, 2013.

Article source: http://www.globest.com/news/12_508/sanfrancisco/acquisitions_dispositions/Mission-West-Completes-13B-Sale-328326.html

Kidder Mathews Gains 7 G&E Brokers

Fri, 01 Jun 2012 23:47:42 +0000

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Bill Kurfess, an office/RD specialist,
is the firm?s SVP in the Redwood
Shores office.

SAN JOSE, CA-Kidder Mathews continues to grow its Bay Area commercial real estate group, adding five brokers to its downtown office and one each to its San Francisco and Redwood Shores offices. The new hires bring the firm’s roster in this region to 73 agents, with all seven brokers hailing from Grubb Ellis.

The local office welcomes veteran brokers Joe Scuncio, an office/RD specialist; Nigel Keep, investment properties; Kristopher Blais, a retail specialist; and James Viso and Shaun Enferadi, both industrial brokers. Mike McCormac, an office specialist, joins the firm’s San Francisco office as VP, and Bill Kurfess, an office/RD specialist, joins the firm’s Redwood Shores office as SVP.

“The agents we’ve hired bring a varied mix of specialties to enrich and expand our service lines in each of our offices,” said Reed Payne, EVP of brokerage services for Kidder Mathews, in a prepared statement. “We are thrilled to have this caliber of brokers join our group.”

Payne tells GlobeSt.com that, while more new hires aren’t imminent, he is always seeking new agents to join the firm. In Northern California, the company is looking to grow its property-management and appraisal divisions, having in the last 60 days hired Nanci Vega as senior property manager, and Brad Paul as head of appraisal.

“The overall vision for the company is to be recognized as the premier provider of commercial real estate services in the Western U.S.,” Payne continues. “With that as the vision, the goal is to have the highest-quality agents we can get, and these hires definitely fit that goal. We’ve hired people in almost every specialty we deal with, and they are all very capable, very strong agents.”

As GlobeSt.com recently reported, earlier this month Kidder Mathews broke ground on Motion Water Sports’ 135,000-square-foot Pacific Northwest corporate headquarters in Snoqualmie, WA. Also, in April, Kidder Mathews and Binswanger were retained by Kimberly-Clark Corp. to sell its exceptionally rare waterfront industrial property in Seattle. Located on the central waterfront at 2600 Federal Ave., the property boasts more than 2,500 linear feet of deep-water industrial shoreline area and a total land area in excess of 66 acres. It is immediately adjacent to Naval Station Everett, home of the USS Nimitz carrier battle group, and the Port of Everett main terminal.

Categories:

West,
Industrial,
Office,
Retail,
Executive Moves,
San Jose

Carrie Rossenfeld Carrie Rossenfeld is a reporter for the West Coast region of GlobeSt.com and Real Estate Forum. She was a trade-magazine and newsletter editor in New York City for 11 years before moving to Southern California in 1997 to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics ranging from intellectual-property licensing and giftware to commercial real estate. She recently edited a book about profiting from distressed real estate in a down market and has ghostwritten a book about starting a home-based business.

Article source: http://www.globest.com/news/12_363/sanjose/office/-322045.html

Foster City Exec to Chair Prestigious Real Estate Board

Sun, 29 Apr 2012 01:28:22 +0000

A Foster City real estate executive will head the arm of a powerful lobbying group that represents one of the nation’s most important industries.

The National Association of Home Builders announced on Wednesday that Foster City-based Legacy Partners President W. Dean Henry will chair its Multifamily Leadership Board.

The MLB represents the nation’s leading multifamily developers, owners and managers.

Henry, a player on the Bay Area real estate scene since the early 1970s, said in a prepared statement that he’s proud to lead the prestigious board.

“The multifamily industry is likely to face significant challenges in the next few years, and NAHB has been the leading voice before Congress and the administration on important issues like tax reform and the future of Fannie Mae and Freddie Mac,” Henry said.

Henry is a member of the Policy Advisory Board of the Center for Real Estate at the University of California at Berkeley. He is the former chairman of the board of the YMCA of San Francisco.

Henry has been president of Legacy Partners since its 1998. He’s been an active member of the Bay Area real estate business since becoming a member of Western Region of Lincoln Property Company in 1973.

“The apartment and condo sector is an important part of NAHB’s membership and plays a vital role to the housing industry,” NAHB chairman Barry Rutenberg said in a prepared statement.

“We look forward to working with Dean in his new role as chairman on a number of critical, common issues that are important to the Multifamily Leadership Board.”

Article source: http://fostercity.patch.com/articles/foster-city-exec-to-head-arm-of-powerful-lobbying-group

Amici’s pizzeria to open Shanghai location

Sun, 11 Dec 2011 02:04:51 +0000

Amici’s East Coast Pizzeria said it is opening a location in Shanghai come January.

Amici’s East Coast Pizzeria said Tuesday it is opening a location in Shanghai come January.

The San Mateo-based company said its first “Ello Amici’s” is to be located on Xiangyang Road in the popular HuaiHai Road shopping district of Shanghai, featuring a menu similar to what is available to Amici’s diners in the San Francisco Bay Area.

The location in China comes as a result of collaboration between Amici’s co-founder and President Peter Cooperstein, partner Mike Forter and the Lo Family of Shanghai. Menlo Park resident Sophie Lo is a Bay Area businesswoman and her brother Jimmy Lo is a real estate developer in China, Amici’s said in a prepared statement.

“Our goal is to open several locations in Shanghai and then expand into Beijing, Hong Kong, Macau and other areas in China,” Cooperstein said in the statement.

The pizza company has 12 locations from San Jose to Vacaville in the Bay Area, and is planning to open another location in Southern California’s La Jolla in spring 2012. Its pizza is also served at San Jose Sharks National Hockey League games in the HP Pavilion.

Click here to read the press release from Amici’s.

Written by Lisa Sibley. She can be reached at 408.299.1830 or lsibley@bizjournals.com.

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Article source: http://www.bizjournals.com/sanjose/news/2011/12/07/amicis-pizzeria-opens-shanghai.html

Calif. investors to plead guilty in bid-rigging

Sun, 10 Jul 2011 17:16:08 +0000

SACRAMENTO, Calif. — Eight California real estate investors have agreed to plead guilty in a bid-rigging scheme to buy foreclosed real estate at public auctions in two San Francisco Bay area counties, the U.S. Department of Justice said Thursday.

The men were charged with bid-rigging and conspiracy to commit mail fraud as part of a joint investigation by the FBI and the antitrust division of the Justice Department.

Investigators say the men conspired or made payoffs from 2008 through 2011 so they would not bid against each other for properties sold at foreclosure auctions in Alameda and Contra Costa counties. After one bought a property at an artificially low price, they would hold a private auction among themselves to resell it and split the extra money paid by the winning bidder.

“While the country faces unprecedented home foreclosure rates, the collusion taking place at these auctions is artificially driving down foreclosed home prices and is lining the pockets of the colluding real estate investors,” said Christine Varney, assistant attorney general in charge of the antitrust division, in a prepared statement.

The felony charges were filed in U.S. District Court for the Northern District of California, in Oakland. Court records did not list attorneys for the defendants or indicate whether they were in custody; court personnel said the cases were newly filed and they could not provide any information about them.

The men charged were:

- Thomas Franciose, of San Francisco

- William Freeborn, of Alamo

- Robert Kramer, of Oakland

- Thomas Legault, of Clayton

- David Margen, of Berkeley

- Brian McKinzie, of Hayward

- Jaime Wong, of Dublin

- Jorge Wong, of San Leandro

No Justice Department spokesperson could be reached to clarify whether the men were in custody, when they might enter a plea, their ages or other details. An FBI spokeswoman referred questions to the Justice Department.

Investigators said in a prepared statement that the charges were part of an ongoing investigation into collusion by real estate investors in foreclosure sales, both in Northern California and elsewhere.

In March, federal prosecutors said Yama Marifat of Pleasanton had pleaded guilty to conspiring to rig bids at foreclosure auctions in San Joaquin County, about 50 miles east of the Bay Area and one of the areas hardest hit by the housing bust. The scheme described was similar to that cited in the charges filed Thursday.

At the time, investigators said Marifat was the fifth person to plead guilty in connection with the probe, and he faced up to 10 years in prison for bid rigging and 30 years for conspiracy to commit mail fraud, plus fines of as much as $2 million.

It was unclear whether the new case was related to the earlier investigation.

Article source: http://www.sacbee.com/2011/06/30/3740033/calif-investors-to-plead-guilty.html

Calif. investors to plead guilty in bid-rigging

Sat, 02 Jul 2011 09:19:47 +0000

(06-30) 16:55 PDT Sacramento, Calif. (AP) –

Eight California real estate investors have agreed to plead guilty in a bid-rigging scheme to buy foreclosed real estate at public auctions in two San Francisco Bay area counties, the U.S. Department of Justice said Thursday.

The men were charged with bid-rigging and conspiracy to commit mail fraud as part of a joint investigation by the FBI and the antitrust division of the Justice Department.

The men charged were:

_ Thomas Franciose, of San Francisco

_ William Freeborn, of Alamo

_ Robert Kramer, of Oakland

_ Thomas Legault, of Clayton

_ David Margen, of Berkeley

_ Brian McKinzie, of Hayward

_ Jaime Wong, of Dublin

_ Jorge Wong, of San Leandro

It was unclear whether the new case was related to the earlier investigation.

Article source: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2011/06/30/state/n162200D51.DTL

Calif. investors to plead guilty in bid-rigging

Fri, 01 Jul 2011 15:17:15 +0000

SACRAMENTO, Calif. –
Eight California real estate investors have agreed to plead guilty in a bid-rigging scheme to buy foreclosed real estate at public auctions in two San Francisco Bay area counties, the U.S. Department of Justice said Thursday.

The men were charged with bid-rigging and conspiracy to commit mail fraud as part of a joint investigation by the FBI and the antitrust division of the Justice Department.