Stalled LA Development Gets Boost From Kaiser Purchase

Law360, New York (May 29, 2012, 4:02 PM EDT) -- National health care provider Kaiser Permanente closed Tuesday on 8.65 acres of land in South Los Angeles to build an outpatient medical office, boosting development at a long-stalled project known as Marlton Square, according to the company.

Kaiser bought the property for an undisclosed price from Commercial Mortgage Managers LLC, which acquired the troubled redevelopment project in 2010 after a bankruptcy trustee split it from a $1 billion portfolio held by lender USA Capital.

"All of us at Kaiser Permanente are delighted that escrow has closed....
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