Roosevelt Lofts LLC, owners of a luxury condominium project in downtown Los Angeles, filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the Central District of California.
According to the company, the decision to file was driven primarily by actions taken by the Bank of America, the construction lender, which refused to allow Roosevelt Lofts to start closing on the sale of units.
Milbank Real Estate Services Inc. is converting the building at 727 W. 7th St. into 222 for-sale units, which were expected to start converting this past quarter.
Because there is no direct legal relationship between Roosevelt Lofts LLC and Milbank Real Estate, Milbank is thus not affected by Roosevelt's Chapter 11 filing, and continues to operate its various business operations and real estate ventures without interruption or oversight by the Bankruptcy Court.
Lease Modification
Market Leader Inc. cut the amount of its headquarters space at 11332 NE 122nd Way in Kirkland, WA, that it leases from MEPT Kirkland Office II LLC. The leased space was decreased from approximately 65,469 square feet to approximately 25,309 square feet and the termination date of the lease was extended from Dec. 31, 2010 to June 30, 2013. The new monthly base rent from March 1, 2009, to June 30, 2010, is approximately $28,473, subject to an overpayment credit for March 2009. The monthly base rent for the 12 months ended June 30, 2011, 2012 and 2013 is approximately $36,909, $38,196 and $39,545, respectively.
Lease Cancellations thru Bankruptcy
This week's lease cancellation requests through U.S. Bankruptcy Court actions come from Greenville, SC-based Bi-Lo LLC and St. Louis, MO-based Charter Communications Inc.
Bi-Lo filed a voluntary petition for relief under Chapter 11 in the United States Bankruptcy Court, District of South Carolina. The company made the filing to use the Court-supervised process to address an upcoming debt maturity. Bi-Lo operates 215 supermarkets in South Carolina, North Carolina, Georgia and Tennessee and employs approximately 15,500 people. GE Capital, Restructuring Finance led a $125 million debtor-in-possession credit facility.
Charter Communications Inc. filed a pre-arranged plan and Chapter 11 petitions in the United States Bankruptcy Court for the Southern District of New York in February looking to reduce its debt by approximately $8 billion. On March 16, it filed its annual report with the Securities and Exchange Commission that contained a going concern audit opinion from KPMG LLP, its public accounting firm. KPMG noted that Charter's significant debt and leverage, and its potential inability to make interest and principal payments raise substantial doubt about Charter's ability to continue.
| Company | Address | Landlord or Landlord Contact | Comment | | Charter Communications | Highway 190 West, 106 Suite A-S,, Slidell, LA | Equity One LLC | lease expiration: 3/31/2014 | | Charter Communications | 9480 Utica Ave., Suite 605, Rancho Cucamonga, CA | CIP Gateway 1 and 2 LLC | lease expiration: 3/31/2012 | | Charter Communications | 3831 North Freeway Blvd., Suite 220, Sacramento, CA | PS Business Parks LP | lease expiration: 10/31/2012 | | Charter Communications | 10024 Office Center Ave., Suite 201, St. Louis, MO | Vortex Properties, LLC | lease expiration: 8/1/2011 | | Charter Communications | Parkway Business Center, Parkway Drive, Spring Hill, TN | Wolfe Realty Investors, LLC | lease expiration: N/A (10 years following a commencement date of an under construction building that never occurred); Wolfe Realty is objecting to the lease cancellations | | Bi-Lo | not provided, Madison, GA | Sharp Madison LLC | | | Bi-Lo | not provided, Anderson, SC | Lakeside Center Station LLC | | | Bi-Lo | not provided, Toccoa, GA | Bascomb Capital LLC | | | Bi-Lo | not provided, Summerville, GA | Hurley Foods Inc. | | | Bi-Lo | not provided, Camden, SC | Garrett, Garrett & Nalley | | | Bi-Lo | not provided, Lebanon, TN | Ross Properties LLC | | | Bi-Lo | not provided, Swainsboro, GA | EIG Swainsboro LLC | | | Bi-Lo | not provided, Commerce, GA | North Commerce Properties, L.L.C. c/o Palmetto Bay Realty MNG LLC | | | Bi-Lo | not provided, Walterboro, SC | Blake P. Garrett and David H. Garrett | | | Bi-Lo | not provided, Hartsville, SC | G&N Properties c/o Garrett & Garrett | | | Bi-Lo | not provided, Chattanooga, TN | HBT (USA) Trust I | | | Bi-Lo | not provided, North Myrtle Beach, SC | IRT Property Company | | | Bi-Lo | not provided, Irondale, AL | Melvin J. Shimada | | | Bi-Lo | not provided, Wetumpka, AL | Wetumpka Supermarket Owners c/o Netleased Investment Co. | | | Bi-Lo | not provided, Forestdale, AL | Forestdale Supermarket Owners | | | Bi-Lo | not provided, Aubum, AL | Rita Spiegel | | | Bi-Lo | not provided, Inno, SC | P.D.S.I. Inc. | (Sublessee): A.C. Moore Inc. | | Bi-Lo | not provided, Burnsville, NC | M&M Burnsville Corp. (Assignee as of March 10,2009): Ingles Markets Inc. | | | Bi-Lo | not provided, Cornelius, NC | Lucky Realty LLC | (Sublessee A): Salvation Anny; (Sublessee B) B-Ready Inc. d/b/a The UPS Store | | Bi-Lo | not provided, Athens, TN | N.P. of Tennessee, L.P. | (Sublessee): Tennessee Wholesale Furniture Outlet | | Bi-Lo | not provided, McMinnville, TN | N.O.M. Properties Inc. | (Sublessee): RND,LLC | | Bi-Lo | not provided, Lebanon, TN | Lebanon Shopping Center GP c/o First Management Services | (Sublessee): D.T. McCall & Sons, Ltd | | Bi-Lo | not provided, Spartanburg, SC | 2660 Reidville Road LLC c/o Waterstone Retail Development | (Sublessee): E.C. Barton & Company 1. | | Bi-Lo | not provided, Greenville, SC | PEG Properties I LLC c/o Hampton Development Company | (Sublessee): Houser Shoes Inc. dba G.B. Shoes | | Bi-Lo | not provided, West Columbia, SC | SC Baker and Baker Real Estate Developers LLC | (Sublessee): Central South Carolina Habitat for Humanity | | Bi-Lo | not provided, Hope Mills, NC | Hope Mills Investments LLC | (Sublessee A): State Employee Credit Union; (Sublessee B): Smitty's Cleaners; (Sublessee C): Woods Ice Cream; (Sublessee D): William Stroud d/b/a Triple S Internet Cafe #2 | | Bi-Lo | not provided, Greenville, SC | The Delta Interest LLC | (Sublessee): New Spring Community Church | | Bi-Lo | not provided, Surfside Beach, SC | Deerfield Myrtle Beach LLC | (Sublessee): Home Accents II Inc. | | Bi-Lo | not provided, Rome, GA | Shorter Partners, L.P. | (Sublessee): M.A.N. Fitness Inc. W. | | Bi-Lo | not provided, Fayetteville, NC | Arsenault VI LLC & Erin Jellel Collins Arsenault Trust | (Sublessee): Pro Fit Management Inc. | | Bi-Lo | not provided, Seneca, SC | David H. Garrett, Blake P. Garrett, Mason Y. Garrett, David T. Garrett, Stewart H. Garrett, and Blake P. Garrett, Jr. | (Sublessee): Staples The Office Superstore East Inc. |
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