by Kipp Gillian | Apr 16, 2024 | Hotel
Red Oak Capital Holdings has provided $6.3 million to refinance Laura Street Trio, a collection of once-proud assets in the core of Downtown Jacksonville, FL. The structures, considered to be among the most significant and endangered historical buildings in the city,...
by Kipp Gillian | Apr 16, 2024 | Hotel
The Tipsy Pickle is headed to Camp North End. The 76-acre, mixed-use development will bring nearly 40,000 square feet of dining, pickleball and other hospitality amenities to its campus in the fall. As an adaptive reuse build, the space has undergone several life...
by Kipp Gillian | Apr 16, 2024 | Retail
Wegmans Food Markets, Inc. and Northwood Investors LLC plan to open a new Wegmans location on the Ballantyne campus south of Charlotte. The grocer will be situated at North Community House Road on the east side of Ballantyne. Wegmans is targeting opening by the third...
by Kipp Gillian | Apr 15, 2024 | Retail
Graycor Construction Company has completed work on Bass Pro Shops’ newest store in the greater Cincinnati area. The Bass Pro Shops Outdoor World is located at 5951 Bass Pro Drive, West Chester, Ohio, at the intersection of Interstate 75 and Allen Road.The...
by Kipp Gillian | Apr 15, 2024 | Industrial
The Missner Group, in a joint venture with Greystar-Thackeray, has acquired a 58,174-square-foot multi-tenant industrial building in Wheeling, Illinois. The property, 1-5 Messner Drive, is a warehouse facility near Interstate 294 and Willow Road. It is fully leased...
by Kipp Gillian | Apr 15, 2024 | California Real Estate
Newmark hired industry veterans Andrew Jennison as vice chairman and Daniel Pickart as senior managing director. Based in the Century City office, the team will contribute to the growth of Newmark’s Private Capital Market platform, focused on private investment...
by Kipp Gillian | Apr 15, 2024 | California Real Estate
CBRE arranged the sale of a 12-unit multifamily property, Ebtide, in Costa Mesa for $5.75 million to a private investor. The selling price represents $753 per square foot and over $479,000 per unit. EVP Dan Blackwell, first VP Mike O’Neill and associate Jack...
by Kipp Gillian | Apr 15, 2024 | California Real Estate
Sunrise Senior Living recently held the the grand opening of its newest community, Sunrise of Oceanside. Located at 4845 Mesa Dr. in Oceanside and set to provide assisted living and memory care services, Sunrise of Oceanside will accommodate more than 130 residents....
by Kipp Gillian | Apr 15, 2024 | California Real Estate
Equinix, Inc. and PGIM Real Estate formed a $600-million joint venture to develop and operate the first xScale data center in the U.S., located at Equinix’s Great Oaks data center campus in San Jose alongside four existing Equinix...
by Kipp Gillian | Apr 15, 2024 | Industrial
Equinix, Inc. and PGIM Real Estate formed a $600-million joint venture to develop and operate the first xScale data center in the U.S., located at Equinix’s Great Oaks data center campus in San Jose alongside four existing Equinix...
by Kipp Gillian | Apr 15, 2024 | Industrial
Precision for Medicine, LLC, a clinical development company based in Bethesda, MD, has renewed and expanded its leases with St. John Properties, Inc. at Riverside Tech Park in Frederick, Maryland. The company, operating globally, has been leasing space from St. John...
by Kipp Gillian | Apr 15, 2024 | Industrial
Amazon has gone public with plans to start work on a 141,000 square foot concrete tilt-up in Robinson Ranch northwest of Austin. The $73 million project is along County Road 172. Amazon’s had the 193-acre parcel since 2021 and received zoning on it in the...
by Kipp Gillian | Apr 15, 2024 | Retail
ALDI, the cut-rate German supermarket chain, will open its first store in Tucson. It will be coming to Tucson Marketplace at the Bridges. ALDI purchased 2.05 acres of land at 871 E Tucson Marketplace for $2.2 million to construct a 20,870-square-foot store. The seller...
by Kipp Gillian | Apr 12, 2024 | Retail
Mid-America Real Estate Corporation’s Investment Sales Group brokered the sale of Marketplace at Six Corners, an urban shopping center anchored by Jewel-Osco, Marshalls, PetSmart, and Famous Footwear, to NewMark Merrill. Mid-America Real Estate Corporation Principal...
by Kipp Gillian | Apr 12, 2024 | Retail
Whitestone REIT acquired Scottsdale Commons in Scottsdale for $22.2 million. The 69,000 square foot center, located at 7119 E. Shea Blvd., is 96.6% occupied with 20 tenants including Rosati’s Chicago Pizza, specialty butcher Rusty Nail Meats, U.S. Egg and BevMo. The...
by Kipp Gillian | Apr 12, 2024 | Retail
Tamarac Town Square has new owners. Jamestown has expanded its grocery-anchored shopping center portfolio by purchasing the 124,000-square-foot shopping center for $22.5 million. JLL represented the seller, Regency Centers. Regency Centers paid $10.2 million for the...
by Kipp Gillian | Apr 11, 2024 | Retail
Gantry has secured a $10 million permanent loan to refinance a near-term maturity for the Nob Hill Shopping Center, an 88,500-square-foot center that is home to a Safeway grocery store and gas station. Located at 2204 W. Nob Hill Blvd in Yakima, a Central Washington...
by Kipp Gillian | Apr 11, 2024 | Retail
Western Retail Advisors completed the $11.1 million sale of 83 Marketplace. Cavan Companies developed the newly built Class A retail center that spans three buildings at the corner of 83rd Avenue and Happy Valley Road in Peoria. The buyer is a Seven Brothers...
by Kipp Gillian | Apr 11, 2024 | Distressed Assets
Detroit, Chicago and Denver have the highest risk scores among the top 25 metro areas for maturing multifamily loans, Kroll Bond Rating Agency (KBRA) said in a new report. KBRA weighed apartment supply and demand metrics from several sources to derive a risk scale...
by Kipp Gillian | Apr 11, 2024 | Distressed Assets
The team of Ramsfield Hospitality Finance and AB CarVal Investors has taken over the 248-room Kimpton Alton Hotel in San Francisco’s Fisherman’s Wharf area through a deed-in-lieu of foreclosure, reported Trepp. The team had provided $85 million of...
by Kipp Gillian | Apr 10, 2024 | Distressed Assets
Unisen Senior Living is having trouble finding tenants. Its 491-unit senior living facility has only a 21% occupancy rate. Operated by nonprofit Tampa Life Plan Village, the company owes $43 million to unsecured creditors and nearly $87 million to secured creditors....
by Kipp Gillian | Apr 5, 2024 | Distressed Assets
Commerce, CA-based 99 Cents Only Stores LLC said Thursday afternoon it would close all 371 of its stores. The company entered into an agreement with Hilco Global to liquidate all merchandise and dispose of certain fixtures, furnishings and store equipment. Sales under...
by Kipp Gillian | Apr 4, 2024 | Distressed Assets
The Trepp CMBS Delinquency rate dropped slightly in March 2024 for an overall delinquency rate of 4.67%, a decline of four basis points from February. The decline was almost exclusively due to continuedimprovements in the retail sector, which saw its delinquency rate...
by Kipp Gillian | Apr 4, 2024 | Distressed Assets
PCCP acquired the $111-million nonperforming senior loan on the office and retail building at 462 Broadway in Lower Manhattan from Areal Capital, according to published reports. The note was scheduled to mature this month and went on the market in January after the...
by Kipp Gillian | Apr 1, 2024 | Distressed Assets
A Florida-based investor has purchased the distressed Schaumburg Towers office complex after an auction for the property failed to attract offers. A venture led by Sigma Plastics Group founder Alfred Teo acquired the two 20-story office towers at 1400 and 1450...
by Kipp Gillian | Mar 28, 2024 | Distressed Assets
South Korean investment manager Consus Asset Management has agreed to pay $145 million, or $145 per square foot, for the one-million-square-foot office tower at 777 S. Figueroa St. in Downtown Los Angeles, reported Bloomberg News. The company is buying...
by Kipp Gillian | Mar 28, 2024 | Distressed Assets
Commercial property foreclosures in 2024 totaled 705 through February, Trepp reported, citing data from ATTOM. That’s an increase of nearly 8% from the 655 foreclosures in the year-ago period. ATTOM recorded 4,968 foreclosures in 2023, up 46% from 2022, when...
by Kipp Gillian | Mar 28, 2024 | Distressed Assets
Less than two years after changing hands, The Optimist Lofts in Atlanta’s Piedmont Heights has returned to its lender, according to the Atlanta Business Chronicle. LoanCore Capital, which extended a short-term mortgage to the owner in 2022, was the highest bidder at a...
by Kipp Gillian | Jan 23, 2024 | Distressed Assets
Summit at Salado Creek and The Canopy Apartments are being auctioned off, victims of the tenuous borrowing climate. The San Antonio Business Journal reports the two are slated for a distressed sale next month after their owners defaulted on tens of millions of debt....
by Kipp Gillian | Jan 22, 2024 | Distressed Assets
Ares Commercial Real Estate has requested foreclosure over a $127 million loan on a property at Live Oak and Texas Streets in Dallas. The property includes the Gabriella apartments and a ground-floor Tom Thumb grocery store. The loan was originated by an affiliate for...
by Kipp Gillian | Jan 22, 2024 | Distressed Assets
RXR Realty and Ares Management are partnering on a $1-billion fund to acquire distressed Manhattan office properties, the Financial Times reported. The two companies have seeded the partnership with $500 million and hope to raise an additional $500 million. They’re...
by Kipp Gillian | Jan 18, 2024 | Distressed Assets
In the ever-evolving landscape of commercial real estate, the status of distressed assets serves as a barometer for the industry’s resilience and adaptability. Mitchell Hunter, chief commercial officer at Trimont, is at the forefront in identifying trends in...
by Kipp Gillian | Jan 18, 2024 | Distressed Assets
Delinquency rates for mortgages backed by commercial properties increased during the fourth quarter of 2023, according to the Mortgage Bankers Association’s (MBA) latest commercial real estate finance Loan Performance Survey. 96.8% of outstanding loan balances...
by Kipp Gillian | Jan 18, 2024 | Distressed Assets
The $308-million mortgage on 1740 Broadway, a Manhattan office tower owned by Blackstone Inc., is up for sale again after the private equity giant defaulted on the debt more than a year ago, reported Bloomberg News. Special servicer Midland Loan Services hired JLL to...
by Kipp Gillian | Jan 11, 2024 | Distressed Assets
The Trepp CMBS Special Servicing Rate dropped by six basis points in December 2023, falling to 6.78%. However, the long-term trend is still up: Trepp said the special servicing rate closed out 2023 with a total increase of 167 bps year over year. Most property types...
by Kipp Gillian | Jan 11, 2024 | Distressed Assets
Kroll Bond Rating Agency reported that the Columbus Square Portfolio, totaling $370.6 million in four 2014 vintage conduit transactions, transferred to the special servicer for imminent maturity default. The portfolio is backed by five condominium buildings that...
by Kipp Gillian | Jan 9, 2024 | Distressed Assets
Eagle Point Hotel Partners purchased Ascent on Main, a 51-key boutique hotel in Colorado, for $8.25 million. The property, which was under the control of a receiver, is located in the Denver suburb of Parker. Ascent on Main opened its doors in late 2019. The...
by Kipp Gillian | Jan 8, 2024 | Distressed Assets
A venture of Chicago-based investor Igor Gabal has acquired the 12-story West Loop office building at 300 West Adams Street for $4 million. The deal represents a staggering discount of nearly 90 percent from the building’s $38 million appraised value when it was...
by Kipp Gillian | Jan 2, 2024 | A Quick Word - Kipp Gillian, Employment
2024 Remote no more. The pandemic did damage in so many ways. It was an unprecedent time and a lot of decisions were made out of fear, haste and control. The need to create a remote work environment came as a necessity to let people retain their jobs and feel safe....
by Kipp Gillian | Dec 29, 2023 | A Quick Word - Kipp Gillian, Employment
2024 The year we hold our breath. The last couple of years we’ve felt like been tumbling down one stair case after another. Hoping, after reaching the bottom of each flight “this has to be the bottom” but it just keeps going and going. Sure, some...
by Kipp Gillian | Nov 8, 2023 | A Quick Word - Kipp Gillian
The foreshadowing, better yet the existence, of artificial intelligence predates even Nikola Tesla ‘s own prediction, “”I purpose to show that, however impossible it may now seem, an automaton may be contrived which will have its ‘own mind,’” Tesla...
by Kipp Gillian | Aug 15, 2023 | Distressed Assets
Wall Street firms are raising new funds to acquire office buildings, apartments and other troubled commercial real estate at a fraction of the price investors paid a few years ago, the Wall Street Journal reported. Cohen & Steers, Goldman Sachs, EQT Exeter and...
by Kipp Gillian | Aug 12, 2023 | Distressed Assets
From inflation and interest rates to return of office and economic conditions, today’s market is at a unique crossroads of challenges and opportunities. Hear from leading experts and experienced commercial real estate professionals on winning strategies and powerful...
by Kipp Gillian | Aug 4, 2023 | Distressed Assets
Office led the way as CMBS delinquencies increased in July, Trepp and Fitch Ratings said Friday. The Trepp CMBS delinquency rate rose 51 basis points to 4.41%, the highest level since December 2021, with increases in four of the five major property sectors. ...
by Kipp Gillian | Jul 31, 2023 | Distressed Assets
After a slight improvement in June, the delinquency rate among Kroll Bond Rating Agency (KBRA)-rated U.S. CMBS rose sharply in July to 3.93%, a 34-basis point increase. The total delinquent and specially serviced loan rate in the $314.8-billion KBRA-rated CMBS...
by Kipp Gillian | Jul 28, 2023 | Distressed Assets
Delinquency rates for bank-held commercial real estate (CRE) loans increased in the first quarter, with all major property types other than industrial showing greater distress, Trepp reported last week. Lender concern about risk, indicated by criticized loan rates,...
by Kipp Gillian | Jul 17, 2023 | Distressed Assets
The U.S. CMBS delinquency rate rose six basis points to 1.91% for a second consecutive month in June from 1.85% in May, Fitch Ratings reported. The majority of new delinquencies occurred in the retail and office sectors. Fitch said new 60-day-plus delinquencies in...
by Kipp Gillian | Jul 10, 2023 | Distressed Assets
The Trepp CMBS Special Servicing Rate climbed 31 basis points in June to 6.42%. This represents the fifth increase in a row and the third largest this year. Six months ago, the rate was 5.17%, while 12 months ago, it was 4.91%. Most notable was the increase in the...
by Kipp Gillian | Jul 5, 2023 | Distressed Assets
Midloch Investment Partners closed its second “value fund” (Midloch Value Fund II) to new investors after raising $60 million. This comes after the recent sale of its Last Mile Penn industrial property in Minneapolis and the acquisition of three multifamily properties...
by Kipp Gillian | Jul 2, 2023 | Distressed Assets
Federal financial institution regulatory agencies have jointly issued a final policy statement on commercial real estate loan accommodations and workouts. The updates reinforce and build on existing supervisory guidance calling for financial institutions to work...
