"The two foreclosed office buildings are located at 2000 and 2010 Crow Canyon Place in San Ramon, according to documents filed on Dec. 4 with the Contra Costa County Recorder's Office. The office complex is known as Plaza San Ramon. It consists of two similar buildings that together total 312,000 square feet. Texas-based real estate firm C-III Capital Partners had bought the buildings in 2018 and lost them through the foreclosure."
"Redus Properties, a Wells Fargo subsidiary, took the office buildings back through the foreclosure, Contra Costa County public documents show. The office complex is now valued at $30 million as a result of the foreclosure, according to public records. In recent years, Redus has foreclosed on multiple properties in multiple states that Wells Fargo had financed. The new $30 million value for the offices is 58% below the $72.2 million that C-III Capital paid to buy them in 2018."
Two office buildings at 2000 and 2010 Crow Canyon Place in San Ramon, totaling 312,000 square feet, make up Plaza San Ramon. C-III Capital Partners purchased the complex in 2018 with financing from Wells Fargo. Loan delinquency led to foreclosure and Redus Properties, a Wells Fargo subsidiary, took the buildings back. Public records show the complex is now valued at $30 million, 58% below the $72.2 million 2018 purchase price and 49% below the $59.2 million in unpaid mortgage debt. Rising vacancy rates and soft rents pressure East Bay office markets. Future plans for the buildings are unclear.
Read at www.mercurynews.com
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