Saturday, February 25, 2012

Who owns 75 River St, 95060?

75 River St belonged to Washington Mutual, then to WMRP Delaware, a Washington Mutual, Inc. subsidiary, and on 10/05/1999 became the property of Barry Swenson, Associates 1, 701 North First St, San Jose, CA 95112.

On the assessor's forms, taxes are to be paid by Thomson Property Tax Services which has an address in Carlsbad, CA and which seems to now be this company . 

The Treasurer's office staff says tax payee is Realty Associates 1, Houston, TX – I have no information on them – this could be verified, explored.

Last year's taxes were $40K. Current assessment is $3.4 M
Instrument # 1999-0064936
(APN = Assessor's Parcel Number)

Green Valley Corporation (doing business as Barry Swenson)
777 N First St 5th Fl , Lee Ann Woodard is contact name

Estimates show Barry Swenson Builder employs 100 to 249 people and has an annual revenue of $20 to 50 million

C Barron Swenson

Google finds nothing on Associates 1, the assessors office records are not properly synchronized – search for 'associate' - 1 and lower case i and neither are all connected in the files

Paul C, at the 2/26 GA, described to me how Coast Commercial was absorbed eventually by Wells Fargo. So far I've not been able to verify that Swenson leased this space to Coast Commercial. And I don't understand then the connection to WA Mutual between 82 and 99 and then when Swenson purchased, between 99 and 2004?
Coast Commercial Bank, was founded locally in February of 1982. Coast Commercial Bank merged with Greater Bay Bank on February 24, 2004. The new owners allowed Coast Commercial Bank to keep the same sign and letterhead. Hence, not many people noticed the change.

Greater Bay Bank
With the purchase of Coast Commercial Bank, the total number of branches for Greater Bay Bank rose to 41. Greater Bay Bank operated as Coast Commercial Bank in Santa Cruz County. Greater Bay Bank operated under other names such as Mid-Peninsula Bank, Bank of Petaluma, Golden Gate Bank, Peninsula Bank of Commerce, Mount Diablo National Bank and Santa Clara Valley National Bank.

Greater Bay Bank merged with Wells Fargo Bank on March 15, 2008.
The Coast Commercial Bank branches were to become branches of Wells Fargo Bank. Where there was a nearby branch of Wells Fargo Bank, (Aptos, Capitola and Downtown Santa Cruz) they sold the Coast Commercial Bank location.

75 River St has been the home for six different financial companies from 1966-2008.
Would a title search show more information?

Barry Swenson is a private company, so I don't think the original lease arrangement between him and Coast Commercial is public.

But Wells Fargo is a public company so when they took over the lease, the information becomes public, at least to their investors. NYSE:WFC. Their annual reports are online, they have some long term leases, about 1% of their operations.

Wells Fargo home office is in San Francisco, a shareholder could probably go there in person and research. It would help to have an accountant who knew what to look for. At this point I think the impact on Wells Fargo's balance sheet is small and pursuing this avenue might not be fruitful for us locally.

I do wonder if the lessor has standing in the context of damages, that might even be in the lease, and maybe the lease agreement is something to be asked for in relation to the court cases.
Local Wells Fargo officials have stated that Wells Fargo leases this building and has full control and responsibility for the property and building. The damage assessment estimate was made by an employee of Wells Fargo, a local property manager.  (There is a source for this; I don't yet know if that document is public.)

Also who is the insurer, what is the amount of the claim, who documents the damage …  It's likely that the tenant is financially responsible for
all maintenance and damage repair for the term of the lease.  Is it possible that the insurer requires that the insuree pursue all paths to recoup losses before the insurer will pay?  Is it possible that is why the Wells Fargo personnel are insistent that charges be filed?  Is it possible that the insurer links back to AIG, banks, bailouts?  Is there a way to follow that up?  A link between tax dollars via bailout and tax dollars via zealous and expensive law enforcement - all this out of local pockets?
Does it matter who pays the utilities? Is that information available from PG&E?

And I haven't connected the company that actually paid the property taxes back to anyone.

I don't know how to find out how long the building has been vacant, what attempts have been made to repurpose it, what the tax consequences are to the current status.
Do fact check.
Please comment.
And please attribute when you share.

1 comment:

  1. - this rent is comparable to the 75 River St rent.

    Are Sheldon Wiseman Commercial Real Estate, 1200 Pacific #390 the brokers for 75 River? 1200 Pacific has a coded keypad for entry.

    and here are more comparables:

    I do think the attorneys should get a copy of the lease. I'm guessing it's the insurer who will pay and it might be useful to know who that is and what they require for settling a claim.

    It might also be useful to verify the ownership, since there's so much in the news about erroneous title. I would think the owner would have to delegate to a valid lessor the right to claim trespass and vandalism.