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Thursday, 30 November 2017

Los Angeles Investor Prevails in Online Auction for Moreno Valley Mall in Calif.

International Growth Properties has completed its purchase of the Moreno Valley Mall in California's Inland Empire. The Los Angeles investor was tops among more than 10 investors that competed at an online auction hosted on the RealInsight sales platform. It won the auction with an offer of $60.25 million and ponied up another 5 percent buyer's premium.

Commercial Real Estate Direct Staff Report

International Growth Properties has completed its purchase of the Moreno Valley Mall in California's Inland Empire.

The Los Angeles investor, which pursues investments in solid retail properties with development or redevelopment potential, was tops among more than 10 investors that competed at an online auction hosted on the RealInsight sales platform. It won the auction with an offer of $60.25 million and had to pony up another 5 percent as a buyer's premium, bringing its total purchase price to $63 million.

The property was marketed by NKF Capital Markets on behalf of CWCapital Asset Management, which had taken it through a deed-in-lieu of foreclosure six years ago when a $76.1 million CMBS loan had defaulted. The loan was securitized through Citigroup Commercial Mortgage Trust, 2007-C6.

The loan first had transferred to CWCapital in 2009 as a result of the bankruptcy of its then-owner, GGP Inc. It transferred again roughly a year later when it was expected to default as...


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