{"id":526612,"date":"2010-04-13T15:56:00","date_gmt":"2010-04-13T19:56:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/california-sells-state-properties-2010-4"},"modified":"2010-04-13T15:56:00","modified_gmt":"2010-04-13T19:56:00","slug":"check-out-the-massive-firesale-being-held-by-bankrupt-states","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/526612","title":{"rendered":"Check Out The Massive Firesale Being Held By Bankrupt States"},"content":{"rendered":"

\"earl<\/a>There’s a simple way to balance the budget in California<\/a>, Greece<\/a>, and everywhere: outsource, privatize, and sell.<\/p>\n

Schwarzenegger is taking the lead with a plan to sell a 20-year lease on 11 office buildings — going on sale tomorrow<\/a>. The state plans to generate around $2 billion for the buildings, which they will continue to occupy.<\/p>\n

The dirty secret in Sacramento is that the private sector could solve all their fiscal problems. “In an ideal world, we might well want to outsource a lot more,” said Department of General Services spokesperson Jeffrey Young.<\/p>\n

California is putting other buildings up for sale outright, and Connecticut and Arizona may follow suit.<\/p>\n

Nevermind that commercial real estate prices are near record lows<\/a>. The states are desperate.<\/p>\n

Check out the state buildings going on sale now ><\/a><\/h2>\n

CALIFORNIA: Judge Joseph Rattigan Building<\/h2>\n

\"CALIFORNIA:<\/div>\n

20-year lease: $14 million<\/strong><\/p>\n

Location: Santa Rosa
<\/strong><\/p>\n


<\/strong><\/p>\n

Note: California plans to earn $2 billion for the lease of 11 office buildings<\/a>. We estimate building lease prices based on building NOI as a fraction of total NOI.<\/span><\/p>\n

<\/p>\n

CALIFORNIA: Emergency Management Agency<\/h2>\n

\"CALIFORNIA:<\/div>\n

20-year lease: $40 million<\/strong><\/p>\n

Location: Rancho Cordova
<\/strong><\/p>\n


<\/strong><\/p>\n

Note: California plans to earn $2 billion for the lease of 11 office buildings<\/a>. We estimate building lease prices based on building NOI as a fraction of total NOI.<\/span><\/p>\n

<\/p>\n

CALIFORNIA: Department of Justice Building<\/h2>\n

\"CALIFORNIA:<\/div>\n

20-year lease: $66 million<\/strong><\/p>\n

Location: Sacramento<\/strong><\/p>\n


<\/strong><\/p>\n

Note: California plans to earn $2 billion for the lease of 11 office buildings<\/a>. We estimate building lease prices based on building NOI as a fraction of total NOI.<\/span><\/p>\n

<\/p>\n

CALIFORNIA: Public Utilities Commission Building<\/h2>\n

\"CALIFORNIA:<\/div>\n

20-year lease: $82 million<\/strong><\/p>\n

Location: San Francisco
<\/strong><\/p>\n

 <\/p>\n

Note: California plans to earn $2 billion for the lease of 11 office buildings<\/a>. We estimate building lease prices based on building NOI as a fraction of total NOI.<\/span><\/p>\n

<\/p>\n

CALIFORNIA: Junipero Sierra State Building<\/h2>\n

\"CALIFORNIA:<\/div>\n

20-year lease: $92 million<\/strong><\/p>\n

Location: Los Angeles
<\/strong><\/p>\n


<\/strong><\/p>\n

Note: California plans to earn $2 billion for the lease of 11 office buildings<\/a>. We estimate building lease prices based on building NOI as a fraction of total NOI.<\/span><\/p>\n

<\/p>\n

CALIFORNIA: Sacramento’s Attorney General Building<\/h2>\n

\"CALIFORNIA:<\/div>\n

20-year lease: $132 million<\/strong><\/p>\n

Location: Sacramento<\/strong><\/p>\n


<\/strong><\/p>\n

Note: California plans to earn $2 billion for the lease of 11 office buildings<\/a>. We estimate building lease prices based on building NOI as a fraction of total NOI.<\/span><\/p>\n

<\/p>\n

CALIFORNIA: Ronald Reagan State Building<\/h2>\n

\"CALIFORNIA:<\/div>\n

20-year lease: $164 million<\/strong><\/p>\n

Location: Los Angeles
<\/strong><\/p>\n


<\/strong><\/p>\n

Note: California plans to earn $2 billion for the lease of 11 office buildings<\/a>. We estimate building lease prices based on building NOI as a fraction of total NOI.<\/span><\/p>\n

<\/p>\n

CALIFORNIA: Elihu Harris Building<\/h2>\n

\"CALIFORNIA:<\/div>\n

20-year lease: $170 million<\/strong><\/p>\n

Location: Oakland<\/strong><\/p>\n


<\/strong><\/p>\n

Note: California plans to earn $2 billion for the lease of 11 office buildings<\/a>. We estimate building lease prices based on building NOI as a fraction of total NOI.<\/span><\/p>\n

<\/p>\n

CALIFORNIA: Civic Center<\/h2>\n

\"CALIFORNIA:<\/div>\n

20-year lease: $300 million<\/strong><\/p>\n

Location: San Francisco<\/strong><\/p>\n


<\/strong><\/p>\n

Note: California plans to earn $2 billion for the lease of 11 office buildings<\/a>. We estimate building lease prices based on building NOI as a fraction of total NOI.<\/span><\/p>\n

<\/p>\n

CALIFORNIA: Franchise Tax Board Complex<\/h2>\n

\"CALIFORNIA:<\/div>\n

20-year lease: $460 million<\/strong><\/p>\n

Location: Sacramento<\/strong><\/p>\n


<\/strong><\/p>\n

Note: California plans to earn $2 billion for the lease of 11 office buildings<\/a>. We estimate building lease prices based on building NOI as a fraction of total NOI.<\/span><\/p>\n

<\/p>\n

CALIFORNIA: Capitol Area East End Complex<\/h2>\n

\"CALIFORNIA:<\/div>\n

20-year lease: $480 million<\/strong><\/p>\n

Location: Sacramento<\/strong><\/p>\n


<\/strong><\/p>\n

Note: California plans to earn $2 billion for the lease of 11 office buildings<\/a>. We estimate building lease prices based on building NOI as a fraction of total NOI.<\/span><\/p>\n

<\/p>\n

CALIFORNIA: Orange County Fairground<\/h2>\n

\"CALIFORNIA:<\/div>\n

SALE: $56.5 million***<\/strong><\/p>\n

Location: Costa Mesa<\/strong><\/p>\n

***This was the winning bid at a March auction. The state refused the bid, however, as it was hoping for something closer to $180 million<\/a>. Now they are in negotiations to sell the iconic fairgrounds to Costa Mesa.<\/p>\n

<\/p>\n

CONNECTICUT: Nathan Hale Hall Building<\/h2>\n

\"CONNECTICUT:<\/div>\n

SALE: $300,000***
<\/strong><\/p>\n

Location: Windham<\/strong><\/p>\n

It’s not just the Golden State. Connecticut put up dozens of properties up for sale, hoping to raise $60 million<\/a> through FY2011.<\/p>\n

***The state auctioned this former hotel, now vacant, in December and received no acceptable bids. They want around $300k, according to Windham Today<\/em><\/a>.<\/p>\n

<\/p>\n

CONNECTICUT: Armory<\/h2>\n

\"CONNECTICUT:<\/div>\n

SALE: $306,000
<\/strong><\/p>\n

Location: Bristol<\/strong><\/p>\n

A pair of lawyers put down a $306k bid for an unused armory this week. They plan to convert the dilapidated building into a restaurant and in-line skating center & game room, according to Hartford Courant<\/a>.<\/em><\/p>\n

<\/p>\n

CONNECTICUT: Seaside Regional Center<\/h2>\n

\"CONNECTICUT:<\/p>\n

Image: Courtesy of Explorer Productions<\/p>\n<\/div>\n

SALE: $7.1 million***
<\/strong><\/p>\n

Location: Waterford<\/strong><\/p>\n

***The state wants more, but they may be bound to the terms of a suspended sale from 2007. Developer Mark Steiner wants to redevelop the historic buildings into condominiums, according to The Day<\/em><\/a>.<\/p>\n

 <\/p>\n

Photo: Explorer Productions<\/a><\/span><\/p>\n

<\/p>\n

ARIZONA: House & Senate buildings<\/h2>\n

\"ARIZONA:<\/div>\n

20-year lease: $18.2 million apiece***<\/strong><\/p>\n

Location: Phoenix<\/strong><\/p>\n

Arizona generated more than $735 million<\/a> in January for selling state properties.<\/em><\/p>\n

***SOLD. Lease estimate from Phoenix New Times<\/a><\/em>.<\/p>\n

<\/p>\n

ARIZONA: Executive Tower (main government offices)<\/h2>\n

\"ARIZONA:<\/p>\n

Image: Ken Lund on flickr<\/p>\n<\/div>\n

20-year lease: $39.5 million***<\/strong><\/p>\n

Location: Phoenix<\/strong><\/p>\n

***SOLD. Lease estimate from Phoenix New Times<\/a><\/em>.<\/p>\n

<\/p>\n

ARIZONA: Arizona State Hospital<\/h2>\n

\"ARIZONA:<\/div>\n

20-year lease: $176.1 million***<\/strong><\/p>\n

Location: Phoenix<\/strong><\/p>\n

Once called the Insane Asylum of Arizona, the building remains active as a mental hospital.<\/p>\n

***SOLD. Lease estimate from Phoenix New Times<\/a><\/em>.<\/p>\n

<\/p>\n

AMERICA: 15 national parks<\/h2>\n

\"AMERICA:<\/div>\n

Sale: $2.4 billion<\/a><\/strong><\/p>\n

Location: Nationwide<\/strong><\/p>\n

Don’t forget Rep. Richard Pombo’s plan to sell 15 national parks to the mining industry. Pombo (R-Calif.) proposed the sale in 2005 as an alternative to drilling in Alaska (presumably, he supported both ideas<\/a>).<\/p>\n

But if the national debt grows unmanageable levels, then why not sell the national parks, historic sites, and monuments.<\/strong> It’s either that or close the parks<\/a> and cut department budgets to shreds<\/a>.<\/p>\n

<\/p>\n

Don’t miss…<\/h2>\n

\"Don't<\/div>\n

15 Mayors Who Must Shred The Budget To Save Their Bankrupt Cities<\/a><\/h1>\n

Join the conversation about this story »<\/a><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

There’s a simple way to balance the budget in California, Greece, and everywhere: outsource, privatize, and sell. Schwarzenegger is taking the lead with a plan to sell a 20-year lease on 11 office buildings — going on sale tomorrow. The state plans to generate around $2 billion for the buildings, which they will continue to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-526612","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/526612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=526612"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/526612\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=526612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=526612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=526612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}