Wednesday, January 7, 2009

Just who is this investment group trying to purchase the Miami Herald’s 10-acre parking lot for $190 million?

Earlier this week McClatchy filed an 8K with the Sec explaining the delay of its planned Miami land sale. Summary of the SEC filing here. To see (sketchy) info on Citisquare Investments, Ltd, click here.

UPDATE: via email, a reader points to this 2006 profile on Pedro Gomez. The profile was written after the Miami Herald deal was announced. Gomez has alot of experience developing properties, but even then there were doubts about the deal:
His rise is worrisome because a severe market downturn may sink developers like Mr. Martin, but Pedro has been around long enough, as an attorney at a prestigious law firm in the Real Estate field, to know that from the second he endeavored to become a developer the stakes would be higher than his buildings. Still, the status quo is all if not more than he ever dreamt of.
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Anonymous said...

Surely you're not implying that this deal is nothing but a paper transaction that might temporarily fluff up MNI's balance sheet, are you?

Walter Abbott

McClatchy Watch said...

Escrow was extended 6 months so the group could secure financing.

A quick look at the paperwork makes you wonder if this group has the heft to get financing for a $190 million deal. It might be fluff.

Anonymous said...

From what I could find this is a Foreign LLC listing 2 or 3 principals. It wouldn't surprise me at all to find them linked to Hugo Chavez.

Archer05 said...

I think we read that the land values in the area have fallen dramatically. Who loans $190 million for land not valued near that amount on today‘s market? I guess we will be bailing out another genius, if this goes forward.

A Miami poster joked that it took too long to get the right local officials elected to change the development regulations. Now, the unions are mad as hell that Walmart might be one of the anchor stores.