- The Baltimore Business Journal reported that two high-profile Baltimore office towers will go up for auction next month as the city’s landscape continues to reset. Redwood Tower at 217 E. Redwood St. and 201 N. Charles St. are scheduled to be sold in separate, three-day online auctions that both open Nov. 18. The sales will be held on Ten-X and are the latest in a cascade of property auctions of downtown properties.
- A manufacturing warehouse in Hialeah, FL is headed to court-approved auction, with a stalking-horse bid of $10.35 million, reported the South Florida Business Journal. The auction will take place at the Fort Lauderdale office of Moecker Realty within 21 days of Oct. 26, the date that Judge Lisa Walsh approved the stalking-horse bid of Tamarack Acquisitions LLC. The results of the auction will be subject to court approval.
- Aareal Capital Corp. is in talks to sell a nonperforming loan backed by 353 Sacramento St. in downtown San Francisco, reported the San Francisco Business Times. George Mersho, CEO of San Jose-based retailer Shoe Palace Corp., has emerged as a buyer for the loan tied to the 284,751-square-foot 353 Sacramento, which is owned by affiliates of Pacific Oak Capital Partners and Israeli insurer Migdal. Deal pricing is said to be in the mid $200 per square foot range, putting the loan’s price tag in the neighborhood of $70 million if the sale is closed.
- Fisker Corporate Headquarters ($30.0 million | 2.8% of BMARK 2021-B27 | CMBX.15), a 78,540-square-foot suburban office building in Manhattan Beach, CA, has lost tenant Fisker Group Inc., an American electric vehicle manufacturer that occupied the entire building as its headquarters, reported Morningstar Credit. Fisker Group vacated the property in May 2024, filed for bankruptcy in June 2024 and then rejected the lease, which was scheduled to run through October 2026, soon thereafter. Citing SFGate.com, Morningstar reported that the building’s owner claimed Fisker left the property in such disarray that restoring it to working condition will require tens of thousands of dollars in cleanup and repair costs.
- A loan backed by Greenwich Center, a Phillipsburg, NJ community shopping center ($18.3 million | 6.4% of WFRBS 2014-C24 | CMBX.9), moved to special servicing this month after failing to pay off at its maturity, Morningstar Credit reported. This may be the first CMBS loan to transfer directly because of Big Lots’ bankruptcy; it’s the center’s largest tenant with 18.0% of the space. The loan had previously gone through a stint in special servicing after Best Buy vacated in 2019, dropping the occupancy to 67% and causing a payment default.
- CRG has failed to pay off the $39-million CMBS loan that encumbers Upshore Chapter, a 149-unit apartment property in Chicago, at its maturity this month, reported Trepp. The local firm, which developed the property for $30.7 million in 2018, brought it to the sales market in the summer…
Read More: Return to Lender: Week of Oct. 31, 2024
