Truxel Properties LLC, which owns the Truxel Business Center at 4090 Truxel Road in North Natomas and two residential development sites in the region, has filed for bankruptcy liquidation, listing $17 million in assets and $19.4 million in liabilities.This is one of the properties I visited this February in my Natomas Area Commercial Real Estate Photolog. Here are some more pictures of this "40 percent leased" office park:
The center is about 40 percent leased, said Walter Dahl, the bankruptcy attorney who filed the Chapter 7 case, speaking on behalf of Truxel Properties and its managing partner, Volodymyr Dubinsky.
The company owes Bank of America $5.3 million on the property, according to the bankruptcy filings. Truxel Properties pegs the center's worth at about $6.5 million.
There is a huge glut of this kind of office space in Sacramento, so I'm not sure where they're getting their $6.5 million valuation. It's going to be doubly hard to get cash flow out of this property until a new, financially stable owner appears. Until then, the street racers will have a field day.