Meruelo Maddux debtors seek sale of three Los Angeles-area properties

By Lisa Kerner

Charlotte, N.C., June 6 - Meruelo Maddux Properties, Inc. and certain debtors-in-possession asked the court to approve the sale of certain properties free and clear of liens, according to a Monday filing with the U.S. Bankruptcy Court for the Central District of California.

The debtors want to sell properties located at:

• 915-949 S. Hill Street, Los Angeles, to Universal Church, Inc. for $12.5 million, for estimated net proceeds of $3.1 million;

• 1009 North Citrus Ave., Covina, Los Angeles County, to Clearwater Communities, LLC for $3.5 million, for estimated net proceeds of $3.25 million; and

• 760 S. Hill Street and 325 West 8th Street, (Union Lofts), Los Angeles, to Franklin Properties, LLC for $28 million, for estimated net proceeds of $1.4 million to $4.1 million.

A hearing date has not been set.

Meruelo Maddux, a self-managed, full-service real estate company that develops, redevelops and owns commercial and multifamily residential properties, filed for bankruptcy on March 26, 2009. Its Chapter 11 case number is 09-13356.

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