Wednesday Jun 10 2009
Loomis Marketplace is on the block
By: Joyia Emard, Loomis News Staff Writer
65-acre property to be auctioned June 29
Got any extra millions lying around? If so, then Loomis Marketplace can be yours. The property will be auctioned off to the highest bidder at a foreclosure sale at 10 a.m., on Monday, June 29, at Roseville City Hall Annex Building. It’s a cash-only sale, so be sure to bring a cashier’s check with lots of 0’s. The 65-acre property, located along Interstate 80 at Horseshoe Bar Road, is owned by Kobra Properties, which filed for Chapter 11 Bankruptcy protection in November 2008. Garrick Gookin, a financial planner with Edward Jones, said he hopes that whoever purchases the property will build something that will bring jobs. “It’s going to be developed, no matter what. I’d like to see something that will help strengthen the town and provide products or services for local residents,” he said. Esther Aguirre, co-owner of Divine Desserts, said she’d like to see a commercial development on the site. “It would help the other businesses if we had something there to bring more people to the downtown area,” she said. “It’s really a nice piece of property,” said Gary Miller, vice president of Bank of the West. Miller handles a “troubled real estate portfolio” for Bank of the West, the holder of the $13.5 million note on the property. Kobra Properties is owned by Abe Alizadeh, of Granite Bay, whose holdings once included approximately 90 commercial real estate properties, along with Jack-In-The Box franchises and Crush 29 restaurant in Roseville. According to Perry Beck, Loomis town manager, the Loomis Marketplace property is zoned Tourist Commercial and does not have sewer or water access. Ryan Wunsch, town planner, explained that approved uses for the zoning could include office business park, retail-commercial, lodging, traveler services, entertainment and possibly residential in a mixed-use setting. Wunch said there are no approved plans on file for the property, only “conceptual plans, an arborist report and appropriate environmental reports.” He said the property contains a creek, wetlands, rock outcroppings and oak trees. Miller said he’s fielded some phone calls in regards to the property, but no offers have been made. He said the bank will determine what the “credit bid” or opening amount of the bids will be and if no offers are made, the bank will reclaim the property. The bank will then determine whether to hold, market for sale or develop the parcel. “Every (financial) institution is going through the same thing right now,” Miller said in regard to the foreclosure sales and reclaiming of properties. “I’m one of six (handling distressed properties for the bank),” Miller explained.