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Article: Investors prepare to dine on distressed properties.(SPECIAL REPORT: REAL ESTATE QUARTERLY)
- Article from:
- Los Angeles Business Journal
- Article date:
- April 20, 2009
- Author:
CopyrightCOPYRIGHT 2009 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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IT may be tough times in the commercial real estate market, but that's just the kind of situation that appeals to a certain kind of investor--the notorious vultures.
And they're gathering in Los Angeles and Southern California to score some prime deals.
From niche players like Franklin Pacific Finance in Santa Monica to huge players like Orange County's Pimco bond fund, investors are eyeing the region's increasingly troubled commercial real estate market. They are amassing funds in the hundreds of millions of dollars to bid on bank notes for distressed commercial properties, or to buy commercial properties directly from troubled borrowers and owners.
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