by Kipp Gillian | May 31, 2024 | Affordable Housing
Principle Construction has completed the tenant improvement for Apres Pastry & Bakery within a mixed-use, residential and retail building located in downtown Lake Zurich, Illinois. Apres Bakery occupies the last remaining space in the building that Principle...
by Kipp Gillian | May 31, 2024 | Office
A historic building owned by the federal government in Detroit is being auctioned off. The property at 333 Mt. Elliott Street went to the auction block earlier this month with a starting bid of $400,000, reported Crain’s. The building spans nearly 43,000 square...
by Kipp Gillian | May 31, 2024 | Affordable Housing
A historic building owned by the federal government in Detroit is being auctioned off. The property at 333 Mt. Elliott Street went to the auction block earlier this month with a starting bid of $400,000, reported Crain’s. The building spans nearly 43,000 square...
by Kipp Gillian | May 31, 2024 | Affordable Housing
Thompson Thrift recently celebrated the company’s third Michigan development, The BLVD at Wilson Crossings. Located near the intersection of Wilson Ave SW and 64th St SW, the 344-unit multifamily community in the Grand Rapids suburb of Wyoming offers...
by Kipp Gillian | May 31, 2024 | Hotel
Austin Pickle Ranch opened its first facility eight months ago, and number two just opened. The 50,000-square-foot play space, located at 11000 N. I-35, features 16 courts and an acre dedicated to outdoor volleyball courts from ATX Beach. The owners anticipate between...
by Kipp Gillian | May 31, 2024 | Office
Jack Resnick & Sons has finalized a lease renewal with the Writers Guild of America East Inc. (WGAE) at its 250 Hudson Street office tower in Lower Manhattan. The 16,749-square-foot, 16-year lease renewal solidifies WGAE’s presence at the building, where it...
by Kipp Gillian | May 31, 2024 | Retail
Trader Joe’s plans to add eight grocery stores to its Southern California roster, representing one-third of the Monrovia-based retailer’s planned expansion nationwide, reported the Orange County Register. A spokeswoman told the Register there is “no timeline...
by Kipp Gillian | May 31, 2024 | Office
Hines has nearly doubled its New York City office space with a 12-year lease at 555 Greenwich+345 Hudson in Hudson Square. Currently occupying over 17,000 square feet at 345 Hudson, Hines will add 15,000 square feet in the newly completed 555 Greenwich. The...
by Kipp Gillian | May 31, 2024 | Retail
WS Development celebrated a milestone with the opening of 400 Summer Street in Boston Seaport. The LEED Platinum-certified building, now home to Foundation Medicine, is the first highway air rights project completed in Boston since 1983 and the largest life sciences...
by Kipp Gillian | May 31, 2024 | Retail
Simon Property Group’s South Shore Plaza, a shopping destination south of Boston, adds nine new retailers, including New England’s first Savage x Fenty store. Joining are Uniqlo, Akira, Box Lunch, Golf Lounge 18, Earthbound Trading, Turmeric House, and Pho...
by Kipp Gillian | May 31, 2024 | Retail
Century Communities is proposing Fulshear Junction, a 126.9-acre development in Fort Bend County. The development will be located north of FM 1093 and west of Wallis Street, adjacent to the Polo Ranch community. The development is set to include 251 single-family...
by Kipp Gillian | May 31, 2024 | Hotel
Century Communities is proposing Fulshear Junction, a 126.9-acre development in Fort Bend County. The development will be located north of FM 1093 and west of Wallis Street, adjacent to the Polo Ranch community. The development is set to include 251 single-family...
by Kipp Gillian | May 31, 2024 | Hotel
Chatham Lodging Trust acquired the 148-room Home2 Suites by Hilton in Downtown Phoenix for $43.3 million. Anish Hotels Group was the seller. Chatham Lodging Trust (NYSE: CLDT) is a hotel real estate investment trust (REIT) focused on investing in upscale,...
by Kipp Gillian | May 30, 2024 | Hotel
A distressed Holiday Inn Express was purchased by a Florida real estate investor in River North for 55% less than its value more than a decade ago. Crain’s reported that a venture led by Delray Beach-based investor Peter Patel paid $16.4 million last week for...
by Kipp Gillian | May 30, 2024 | Retail
T&T Supermarket Inc., the largest Asian grocery retailer in Canada, announced plans to open a second location in Washington State. The new store will be at the Lynnwood Crossroads Shopping Center, located at 6218 196th Street SW, “We never stopped looking at...
by Kipp Gillian | May 30, 2024 | Hotel
Fast-casual concept Kalaveras has committed to downtown Burbank for the restaurant’s 25th Southern California location. The chain signed an 11-year, 6,750-square-foot lease at 221 N. San Fernando Blvd.. Christine Deschaine and Kyle Fishburn of Kennedy Wilson...
by Kipp Gillian | May 30, 2024 | Retail
Ware Malcomb, an international design firm, has elevated and hired several key leaders in its Irvine corporate headquarters. Sergio Valentini has been promoted to Southern California regional principal overseeing the Irvine, Los Angeles and Inland Empire offices. Luke...
by Kipp Gillian | May 30, 2024 | Retail
Over the past several months, inflation news has been frustrating for those hoping for (praying for?) cuts in the Effective Federal Fund Rate (EFFR). However, a Marcus & Millichap brief indicated some silver linings. First, in April, the headline and core consumer...
by Kipp Gillian | May 30, 2024 | Hotel
Construction on a new location of arcade and restaurant chain Dave & Buster’s will begin in September. The company expects to spend just over $8 million on its newest location at the Plaza at Fort Buckner Development, at 4064 W. University Drive in McKinney....
by Kipp Gillian | May 30, 2024 | Distressed Assets
The volume of maturing CMBS loans is “quite significant,” Trepp says in a new report. Given this volume as well as recent history, the firm expects to see an increase in loan modifications. About $131.3 billion in outstanding, non-defeased CMBS loans that are...
by Kipp Gillian | May 30, 2024 | Distressed Assets
The $87.5-million loan against the 182,738-square-foot office property at 292 Madison Ave. in Midtown Manhattan is being offered for sale through Newmark, Trepp reported. With an original balance of $92.5 million, the loan was provided by Deutsche Bank, allowing owner...
by Kipp Gillian | May 30, 2024 | Hotel
Driftwood Capital (“Driftwood”) provided $34.8 million in mezzanine financing for the refinancing of Miami Airport Marriott Connection, a Marriott-branded complex with three hotels near Miami International Airport. Through its lending fund, Driftwood Lending Partners,...
by Kipp Gillian | May 29, 2024 | Distressed Assets
The Chicago Chapter of The Society of Industrial and Office Realtors (SIOR) hosted its Speaker Series Luncheon at The Glen Club in Glenview, Illinois. Ryan Moen, SIOR, Vice President of SIOR Chicago Chapter and Principal and Co-Founder of Versa Real Estate Services,...
by Kipp Gillian | May 29, 2024 | Distressed Assets
Dollar Tree is reportedly the winning bidder for at least 93 shuttered 99 Cents Only stores spread across California, the Orange County Register reported, citing information from brokerage Retail Specialists. Most of the stores are in Southern California. In total,...
by Kipp Gillian | May 23, 2024 | Distressed Assets
Although the much-anticipated wave of office distress has yet to materialize, new research fromYardi Matrix shows that many markets are exposed to potential distress. The firm said debt service coverage ratios have declined for office properties in recent years, due...
by Kipp Gillian | May 23, 2024 | Distressed Assets
The lenders behind a non-performing loan backing the Four Seasons San Francisco at Embarcadero are seeking a buyer for $72.5 million in debt with a potential path to owning the 155-key downtown luxury hotel at a steep discount, the San Francisco Business Times...
by Kipp Gillian | May 20, 2024 | Distressed Assets
Red Lobster Management LLC said late Sunday evening that it had filed for Chapter 11 protection in the United States Bankruptcy Court for the Middle District of Florida. The move was widely expected; CNBC reported in April that the seafood...
by Kipp Gillian | May 16, 2024 | Distressed Assets
Two real estate investment firms have teamed up to buy The 410, a 24-story office building located in the heart of Downtown Denver. Cress Capital, in collaboration with Denver-based E2M Ventures, acquired the loan on the property earlier this year and subsequently...
by Kipp Gillian | May 16, 2024 | Distressed Assets
The Trepp CMBS Special Servicing Rate rose 80 basis points in April to reach 8.11%. This marks the largest monthly jump that the rate has experienced in nearly four years, with higher monthly upticks only reached during the COVID-19 pandemic in mid-2020. In addition,...
by Kipp Gillian | May 16, 2024 | Distressed Assets
A prominent office building in Houston’s Galleria area that was designed by architect I.M. Pei is being put up for sale as a result of a Chapter 11 bankruptcy filing, reported the Houston Business Journal. Hilco Real Estate Sales has set a deadline of June 14 for bids...
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...
