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Real Estate/Development

Sep. 3, 2010

Realty Giant Ordered To Buy Devalued Buildings

A judge ordered an affiliate of the world's largest real estate investment services firm to pay a bank and a developer $80 million in financing costs and other fees and to take ownership of three Riverside County office buildings.

By Jason W. Armstrong

Daily Journal Staff Writer

RIVERSIDE - A judge ordered a partnership created by an affiliate of the world's largest real estate investment services firm to take ownership of three Riverside County office buildings it tried to back out of as property values spiraled downward.

Los Angeles County Superior Court Judge Richard L. Fruin Jr. ordered CB Richard Ellis Investors LLC's partnership, SPUS05 Cor...

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