- The historic Wanamaker building at 1300 Market St. in Center City Philadelphia is headed for a foreclosure auction on June 3 and TF Cornerstone will have a $120-million advantage in the bidding, reported the Philadelphia Business Journal. The New York developer owns a majority of the debt on the Wanamaker, which has faced foreclosure since August 2023. The auction is listed on the online platform Bid4Assets, which hosts sales for the Philadelphia Sheriff’s Office.
- Trepp reported that Hamilton Development purchased the $64-million mortgage against three office buildings with 407,379 square feet in the Flagler Station development in Medley, FL, from Wells Fargo Bank and subsequently took over the three. Wells Fargo provided the loan in 2019 to facilitate the buildings’ acquisition by Bridge Investment Group of Atlanta for $85.75 million.
- The Highlands Corporate Office Park at 940 Ridgebrook Rd. in Sparks, MD will be sold in foreclosure on May 21 at noon, the Baltimore Business Journal reported. A deposit of $250,000 payable to a substitute trustee is required to bid, according to Alex Cooper Auctioneers, which is handling the sale on the steps of the Circuit Court for Baltimore County in Towson. The office development along Northern Baltimore County’s York Road corridor is vacant today, according to a 2025 Cushman & Wakefield brochure.
- The San Francisco Business Times reported that the first investor to buy an office property in San Francisco and kick off the city’s market reset has acquired a new site across the bay in Walnut Creek. Roger Fields, principal at Palo Alto-based real estate firm Peninsula Land & Capital, purchased 3003 Oak Rd., a 210,000-square-foot Class A office property, for $22.5 million. The short sale penciled out to about $107 per square foot and was roughly a third of the $66 million former owners Ridge Capital Investors and Westbrook Partners paid for the property in 2017. Fields told the Business Times the sale was structured through a three-way transaction involving Peninsula Land, the seller and lender Wells Fargo. Chris Banke of Eastdil Secured facilitated the deal.
- Ownership of what was arguably Martin Selig Real Estate’s most valuable development property, 800 Alaskan on Seattle’s waterfront, has been transferred, reported the Puget Sound Business Journal. ACORE Capital acquired 800 Alaskan through a deed-in-lieu of foreclosure and Urban Renaissance Group has assumed all asset and property management for the full-block property. MSRE had planned to develop a 17-story tower with residences and commercial space.
- 1211 Ave. of the Americas ($1.04 billion | AOTA 2015-1211) transferred to the special servicer to negotiate an extension ahead of its August 2025 maturity. Servicer commentary notes a preliminary agreement for an extension and modification, according to Morningstar Credit. The loan has performed during its term, although 2024’s net cash flow lagged…
Read More: Return to Lender: Week of May 15, 2025
