RTC Seeks Bids on 81 State Sites
The Resolution Trust Corp. said Monday that it is soliciting sealed bids for 81 commercial properties in California, which were acquired from failed savings and loans and have a market value of about $190 million.
The list of properties being sold by the RTC, the federal agency charged with the S&L; cleanup, is made up largely of former branch offices of 26 failed thrifts. Other properties include office buildings, apartments, industrial sites, shopping centers and raw land.
The largest property is the former headquarters of Gibraltar Savings in Simi Valley, listed at $26 million.
Other major properties include an apartment building in Vallejo listed at $16.5 million, a retail center in Escondido listed at $5.6 million and a Wilshire Boulevard office in Beverly Hills, listed for $10.8 million, which formerly belonged to Columbia Savings.
Bidders may make offers on one or more properties. The RTC will finance purchases, although the agency added that it will give preference to all-cash offers. Cushman & Wakefield in Los Angeles has been hired to assist in the sale.
The agency has been moving aggressively to get rid of some of the real estate it has accumulated. Last month, the agency took in $106 million during an auction near Palm Springs of top commercial properties.