Tuesday, March 9, 2010

First Allied Corporation - even worse than I suspected?



About half an hour after posting my look at the Glazers' US property interests, I noticed I'd missed an email from someone pointing out that one of their shopping centers has gone into foreclosure.  The Crosswoods Commons center in Columbus Ohio is only a tiddler, but what's happened goes to emphasise the problems they've got....
"Crosswoods strip center in foreclosure
A strip center in the Crosswoods complex in north Columbus has gone into foreclosure.

Charlotte, N.C.-based Bank of America Corp. on Thursday filed to foreclose on the 20,000-square-foot center at 110-158 Hutchinson Ave. Next to the Marcus Corp. movie theater at Crosswoods, the strip is home to a mix of restaurants.
Bank of America filed the suit in U.S. District Court in Columbus against Crosswoods Commons Shopping Center Columbus Ohio LP, a partnership that includes Rochester, N.Y.-based First Allied Corp. According to First Allied’s Web site, the real estate firm owns and leases more than 6.7 million square feet of retail space in 20 states. The Crosswoods center was First Allied’s first acquisition in Ohio, and the company said it considered it a good deal because it included tenants such as BW-3, Chipotle, Stauf’s Coffee and Panera Bread.
Today, the center is occupied by Jed’s BBQ & Brew, SushiKo, Lotus Grill and Chipotle. Two spots in the center are empty.
Alan Bobrowski, First Allied’s general manager, declined to comment on the foreclosure."
Full story here:
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=ACBJ&date=20100226&id=11169985

And details on the property on the First Allied site here:
http://www.firstalliedcorp.com/propertydetail.aspx?id=52



LUHG