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Business Journal: Little Interest in Kobra Properties at Auction

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(Sacramento, CA)
Tuesday, April 20, 2010
Nobody is willing to bid on Kobra Properties assets in the Sacramento region – at least at the current price.  The bankrupt company’s 15 foreclosed properties were on the auction block recently for a combined $25 million – but they grabbed little attention. Banks that loaned tens of million of dollars to Kobra Properties are now the owners of those assets, from a small office building listed for $384,000 to a large corporate center valued at $8.8 million in Rocklin.
Kobra Properties, headed by Roseville businessman Abe Alizadeh, filed for bankruptcy protection in December 2008, with more than $300 million owed to lenders. The company, which also owned Jack in the Box and TGI Friday franchises, is one of the largest-ever business failures in the Sacramento region.
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