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China Basin Changes Hands

JPMorgan Chase Asset Management has bought a majority stake - an overwhelming majority stake - in China Basin Landing for $415 million. China Basin Landing is that massive white thing across from AT&T Park, and the sale is part of a re-organization of the CalPERS portfolio. Their investments took a beating in this last "recession" but the huge public employees pension trust appears to have made a profit on this deal, having paid $260M for the 900K+ square foot property in 2005. Kudos to all involved. [via Business Report/ SF Gate]