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 December 03, 2008

Firm Takes Over Properties in San Diego and Southern California
It has been confirmed that a developer out of Texas has taken possession of more than fifty office buildings in Southern California. The value of the real estate is around one and a half billion dollars. The Texas developer was forced to take over the properties when the previous owner had not been able to make anymore payments.
The properties had initially been purchased by a group of more than thirty investors who bought properties located in San Diego County, Los Angeles and Orange County. The properties were purchased in '07 and once the investors defaulted on their loan, Texas-based Hines negotiated with them to fork over their assests.

At this time, Hines is not planning to part with the buildings just yet, rather they are planning to hold on to them for awhile, more than likely until the real estate market shows more signs of improvement.