The Cupertino Square mall is on the news again. The only three leveled shopping mall in Cupertino of California which is the home of the Cupertino AMC 16, Strike, JC Penny, Sears, Macy...In year 2005 a local group of the investors purchased this mall. It went through a few major renovation since then. In year 2006 Cupertino residents voted against rezoning part of the Vallco property to condominiums. The mall encountered the financial problems due to loss of this expected revenue. Those investors sold the mall to the Orbit Resources, Inc.
The Orbit Resources has visions of infusing Cupertino Square with some elements of a lifestyle center and a focus on entertainment, it is in Chapter 11 bankruptcy from September 2008. According today's San Jose Mercury News that If the U. S. Bankruptcy Court judge approves the plan to re-organize the mall in the hearings on March 16 and April 23 2009, then the Cupertino Square will emerge from Chapter 11 bankruptcy. In this plan, the Orbit Resources, Inc, the mall owner, stuck a deal with the Gramercy and the United Commercial Bank which loaned to the mall $195 million of the renovation in 2006 and is still owed $113.8 millions. A shell company, Newco which is under the Orbit's control, will buy the mall from the Gramercy, UCB and Orbit's investors. The opening offer would be 108.6 million and it would be subject to overbids.
The hot retailer Steve & Barry's and Munich's beloved beer hall are in the Cupertino Square also. There are coupons at the Cupertino Square e-maginzine also.I knew the mall is working very hard to fill the empty especially at this economic down turns.As the long time Cupertino realtor I really like to see the Cupertino Square runs well. The local residents have another place to eat, shop and hang out.
Grace Keng, Silicon Valley real estate agent, (408) 799-8887 creator of www.GraceKeng.com , member of the Silicon Valley Association of Realtors (SILVAR) and memberships in the National Association of Realtors, (NAR),
the California Association of Realtors, (CAR) and PhD of Realtor - Certified Residential Specialist (CRS).
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Grace believes in integrity, advanced technology, and communication skills are the most important elements of the successful transactions. Cal Dre # 00919545
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