The economic turmoil has forced us to wonder whether the market will ever get any better. The market is getting flooded with distressed commercial properties-either foreclosed or non-cash flow properties. Yes, the sellers or owners are in great dilemma whether to hold on to the property or to dispose it off so that they do not have to shell money out of pocket to keep the property from being foreclosed.
These properties can be anywhere & the owners could be anybody-single person or even investment groups.
Citicorp North America Inc. has filed its intention to foreclose on the Fairfield Inn by Marriott Denver Tech Center hotel in Littleton for nonpayment of $16.2 million in debt on the property, according to Douglas County records. The 63-room hotel is located at 7056 E. County Line Road in Highlands Ranch.The hotel’s owner is a group headed by Moody National FFI Denver S LLC of Houston, according to county
property records. The three-story property was built in 1998. Metro Atlanta’s Animal Health Sciences bought the former Yamaha Music Manufacturing facility in Thomaston, Ga., for an undisclosed amount. Smyrna, Ga.-based Animal Health Sciences will expand manufacturing at the 275,000-square-foot Yamaha property. The plant, on 75 acres, will be the new production site for Animal Health Sciences, which makes products for domestic pets and livestock/equine care.
Animal Health Sciences will employ more than 100 people when it starts production later this year, and it plans to invest $9.1 million in the plant. Yamaha Music Corp. previously employed more than 450 at the facility which was closed in 2007.
Courtesy: Atlanta Business Chronicle