Posted 02 Nov 09 By: No comments yet

Stanford Clinic heading to new home

By Commercial Real Estate RICHARD METCALF Of the Journal
Publication: Albuquerque Journal (New Mexico)

Originally part of the commercial real estate portfolio of Boise, Idaho based DBSI Inc., which filed Chapter 11 a year ago, the property cleared bankruptcy court before the purchase was finalized, said listing agent Karen Hudson ofNAI Maestas & Ward Commercial Real Estate. The county's purchase agreement then had to be approved by 17 individual investors who, together, owned it, she said.

"Karen bent over backwards to make it happen," Baca said about Hudson's role in the deal.

The Wellesley building had been marketed at $4 million, but the county bought it for $3.3 million.

The county was never able to secure federal funds for a new clinic, so it used $1 million in 2008 general obligation bond money and $2.3 million in revenue from the county health care gross receipts tax, Baca said.

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