SUNNYVALE, CA-The receiver for the 36-acre Sunnyvale Town Centermixed-use development in downtown Sunnyvale has filed a motion withthe Santa Clara County Superior Court for an order granting thereceiver authority to market the receivership property for astreamlined process to approve a final sales contract.

Jerry Hunt of Danville, CA-based Quattro Realty Group, who wasappointed as the receiver overseeing Sunnyvale Town Center inOctober 2009, filed the motion with the court as an initial step inthe marketing process for the properties. “Sunnyvale Town Center isno longer a distressed asset,” says Hunt in a prepared statement.“Over the past year, there has been significant progress inremoving uncertainties and creating value. Sunnyvale Town Centerhas tremendous fundamentals and when available, it will be one ofthe premiere commercial real estate offerings on the marketnationally.”

Hunt and Quattro, under auspices of the court, have worked inconjunction with Wilson Meany Sullivan and Federal RealtyInvestment Trust, the co-advisors to the bank group which holds theloan-note on Sunnyvale Town Center. With the appointment of thereceiver last year, the bank group, led by Wells Fargo, has fundedthe receivership and significant property expenditures. “TheReceiver’s mandate has been to do what’s necessary to protect theproperty, prevent deterioration, and move the project forward,” heexplains. “The property is stabilized, millions of dollars incontractors’ liens have been removed, millions of dollars ininfrastructure improvements have been completed, Target opened,building exteriors have been completed and a lease has beenexecuted with Nokia for a full building. Nokia moves into the156,000-square-foot space beginning this December.”