Cal-Bay Buys Half Of $200M Calif. Commercial Development

Law360, New York (April 26, 2012, 4:20 PM EDT) -- Las Vegas-based real estate acquisition and development company Cal-Bay International Inc. has agreed to acquire a 50 percent stake in a 200-acre Northern California commercial development project that is worth an estimated $200 million from its venture capital backer, Cal-Bay said Thursday.

The commercial and residential real estate developer said it had signed an exclusive letter of intent with project owner First Capital Real Estate Investors, a real estate venture capital development firm.

The two companies would take over 50-50 joint venture ownership of the project...
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