Monday, January 05, 2009

Off The Market

In October, General Growth Properties put 50 and 60 Columbia Corporate Center (AKA Parkside and Park Square) on the market to raise cash. As I wrote back then, the only current shoppers for these types of commercial assets are bargain hunting. I doubted that GGP would let these prime Town Center office buildings go for a “fire sale” price.

It looks like I was right.

According to the Howard/Arundel Report, GGP has taken the two office properties off the market.

It may be that the pressure from Chicago to sell local assets was eased some by the recent land sales by the company in the planned community of Emerson. In December GGP sold all of the remaining lots in the Emerson Corporate Commons to the James F. Knott Realty Group for just over $13 million and all the remaining single family lots in Stone Lake to Craftmark Homes for $4.2 million.

These prices were a discount of approximately 40% over what was being paid for the same land this time last year.