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REAL ESTATE: Developer eyes $75M in Irvine office deals by '12
Irvine's Bacchus Development has emerged from bankruptcy reorganization with an aggressive sales plan based on the hope that the local commercial real estate market is about to improve.
A Santa Ana bankruptcy judge last month approved a reorganization plan for Bacchus, which has built several hundred smaller office buildings for sale in projects around the Irvine Spectrum.
With court proceedings cleared up, "We can now concentrate on selling the remaining buildings in our office parks," Bacchus President Steven Bren said in a statement.
About 40 buildings, totaling some 300,000 square feet of space, remain unsold at three company projects: the Bacchus Office Park, Bacchus Signature Series and Jeffrey Office Park. The buildings run from about 5,000 to 20,000 square feet.
A total of 169 buildings were built at the three projects.
The developer's hoping to sell most of those remaining buildings for $300 per square foot or higher, which would bring in more than $90 million and pay off all of the company's secured debt.
For that to happen, Bacchus is betting on an improvement in sales and prices before 2012.
Under the reorganization plan, the company has about a year and...