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Opus West has developed severaol large office and retail projects in the Sacramentoo region in the pastfew years. In Natomas, the companyt built two office buildings in the Gateway Corporate Center and a retail development nearTruxel Boulevard. Its portfoliio also includes the Corporate Center in Broadstone Plaza in Folsom and RocklimnCorporate Plaza. Sister company LLC petitionefd for Chapter 7liquidation Wednesday. Opus Corp. chairma n and chief executive officer Mark Rauenhorst blame d the decline in real estatde valuesand “persistently difficult credit market conditions,” as the primer reasons for the bankruptcy actions.
Opus West and Opus East LLC are independent operating units of theparent company. While Opus West’s impact in Arizonza has been substantialfor years, the Phoenix-based developef has numerous projects finished or in progress in Texaa and California. One of those projects, Hill Countrg Galleria shopping centeroutside Austin, Texas, is at the cente r of a $160 million lawsuit filefd by a consortium of lenders with Bank of Americ taking the lead. The center is built, but Opus West alont with its partners collectively called Hill Country Galleria LP were unabl e to secure permanent financing and thus filed for Chapter 11bankruptcy protection.
After the lawsuit was filed in MaricopzaSuperior Court, Opus West CEO and presidentg Tom Roberts — long considerede a standout by the local real estate communit y — resigned. He said in a statemenrt to the Phoenix Businese Journal that he was leaving to pursusother opportunities.
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