SAN DIEGO — San Diego-based Trigild has been named receiver for 3 million square feet of distressed real estate. The portfolio comprises 11 office industrial properties located across the country. All of the buildings are currently facing foreclosure.
The properties include:
• The FIP Realty Portfolio, a 14-building, 968,000-square-foot industrial center located at 1879 Federal Pkwy. in Columbus, Ohio;
• The Bixby Properties, five office complexes totaling 11 buildings and more than 800,000 square feet that are located in Orange County, Callif.;
• 1010 Commons, a 500,000-square-foot office building located at 1010 Commons St. in New Orleans;
• Citizens Bank Center, a 500,000-square-foot office building located at 919 N. Market St. in Wilmington, Del.;
• Empire, a 250,000-square-foot office building located at 7300 and 7310 Governor Ritchie Highway in Glen Burnie, Md.;
• Scripps Corporate Plaza, a three-building, 244,270-square-foot complex located at 10650-10680 Treena St. in San Diego; and
• El Monte, a 1,121-unit self storage facility located at 11310 Stewart St. in El Monte, Calif.
With this announcement, Trigild currently represents more than $6 billion worth of defaulted loans. The company expects that number to increase, as it asserts that several hundred billion dollars worth of commercial properties will face foreclosure in the coming years.
— Coleman Wood