Cupertino Square is an indoor shopping mall will be on auction block.
Cupertino Square shopping market formerly known as Vallco Fashion Park, will be on auction September 10, 2008 at the San Jose downtown court house. According the local news, San Jose Murcury News : “Gramercy said in an Aug 7 notice of sale of foreclosure, that Cupertino Square owes it and its lending partner, United Commercial Bank, an estimated $121 million. .. this 32-year-old mall, which as been trying to reinvent itself with a new name, a new look and new tenants since 2007”
Kelly Kline, Cupertino redevelopment development manager and a close Cupertino Square observer told the Cupertino City Council on August 5 that the most project at the mall are on hold until the receivership situation changes and the lawsuit with the lender is resolved. This is not the 1st time this mall has been auctioned. In 2003 the Teachers Insurance and annuity association Vallco’s lender and the only bidder, took over the mall for $55 millions. Logo picture is credit to www.cupertinosquare.com
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