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...
by Kipp Gillian | Jun 28, 2023 | Distressed Assets
Peer Street, Inc. and its affiliated companies, headquartered in El Segundo, have filed for protection under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The filing comes after the company laid off...
by | Apr 19, 2023 | California Real Estate
Northmarq has arranged $51.25 million in acquisition financing for Rose Canyon Business Park in San Diego. Located on Morena Boulevard, the 15-building, 233,000-square-foot property was purchased by Vertical Ventures from an undisclosed seller. “This deal offered...
by | Apr 19, 2023 | California Real Estate
Orange County, CA-based The Mogharebi Group (TMG) has brokered the sale of Gramercy Townhouse, a 30-unit multifamily complex in the Koreatown neighborhood of Los Angeles. A local family office purchased the asset from an LA-based private family for $7.15 million, just...
by | Apr 18, 2023 | California Real Estate
A Bay Area-based family office has paid $19 million for the Garfield Building, a 102,000-square-foot building in Downtown Los Angeles. The transaction, which closed one day before Measure ULA went into effect, was arranged by CBRE’s Phillip Sample, Chris Caras,...
by | Apr 18, 2023 | California Real Estate
The life sciences industry in the San Francisco Bay Area is one of the fastest-growing life sciences markets in the United States, adding the most jobs of the top 13 life sciences metros, according to a new report from CBRE. The study indicates that despite economic...
by | Apr 18, 2023 | California Real Estate
Real estate firm Ryan Companies US, Inc. has announced a pair of personnel moves in San Diego, promoting Ryan Grove to Vice President of Real Estate Development and hiring Adam Pevney as Director of Land Acquisitions. Grove has been with the company for seven years...
by | Apr 17, 2023 | California Real Estate
GI Partners, on behalf of its Essential Tech + Science (ETS) Fund, has purchased 12800 Culver Boulevard, a 185,000-square-foot facility in the Del Rey neighborhood of Los Angeles. The firm paid a reported $211 million for the building that served as a broadcast center...
by | Apr 12, 2023 | California Real Estate
San Diego State University has selected affordable housing developer Chelsea Investment Corporation to construct the first income-restricted multifamily community at the University’s Mission Valley Campus. The firm plans to build a 182-unit complex with units reserved...
by | Apr 11, 2023 | California Real Estate
Real estate law specialist Cox, Castle & Nicholson has welcomed two new Partners in the firm’s San Francisco office. Arielle Harris joins Cox Castle’s land use team and Gordon Hart joins the firm’s environmental team. “Arielle and Gordon’s wealth of...
by | Apr 10, 2023 | California Real Estate
Despite office leasing struggles in urban cores, ROW DTLA has seen decent success in the past 16 months, with JLL announcing law firm Umhofer, Mitchell & King LLP has inked a 4,500-square-foot lease at the mixed-use campus in the Arts District of Downtown Los...
by | Apr 10, 2023 | California Real Estate
Cushman & Wakefield has advised the sale of Sorrento Commerce Park, a two-building, multi-tenant industrial complex in the San Diego submarket of Sorrento Mesa, CA. Hammer Ventures purchased the 100%-leased, 35,500-square-foot asset from BKM Capital Partners for...
by Kipp Gillian | Mar 22, 2023 | Office
Construction and development firm Ryan Companies US, Inc. has promoted Cory Handfelt to Director of Construction in Seattle. In his new role, Handfelt will work closely with Ryan construction teams to oversee projects from conception through completion. His...
by Kipp Gillian | Mar 22, 2023 | Office
Concordia University Irvine has expanded its Nursing program with the $43 million purchase of a 114,000-square-foot office building in the Spectrum District of Irvine, CA. The 6.6-acre site features a three-story freestanding building that was formerly the primary...
by Kipp Gillian | Mar 22, 2023 | Office
International construction and engineering powerhouse, Kiewit Corporation, will be opening a new office location in Grapevine this summer. There are other Kiewit offices in Coppell, Westlake and Fort Worth. Public filings indicate the $2.3 million renovations began in...
by Kipp Gillian | Mar 22, 2023 | Office
Stream Realty Partners has received the nod from Unilev Capital to lease and market two of its Houston office buildings. The total amount of space adds up to 360,000 square feet. Stream’s Senior Vice President Brad Fricks and Vice President Matt Asvestas will serve as...
by Kipp Gillian | Mar 22, 2023 | Office
Universal Technical Institute, a provider of transportation, skilled trades, and energy education programs, has acquired three buildings it fully occupies at its Orlando, FL campus. The purchase of the buildings, which total 154,300 square feet, as well as the 20...
by Kipp Gillian | Mar 22, 2023 | Office
RX Health and Science Trust has engaged Transwestern Real Estate Services to lease Union Park, a 178,000-square-foot, four-building medical office campus at 5881-5887 Glenridge Drive NE in the Atlanta submarket of Sandy Springs, GA. RX Health and Science Trust has a...
by Kipp Gillian | Mar 22, 2023 | Office
Commercial real estate firm Trinity Partners has named William Allen as managing partner for the company’s Raleigh, NC office. In his newly expanded role, Allen will provide financial and operational oversight for the firm while continuing to focus on his office...
by Kipp Gillian | Mar 21, 2023 | Office
Meridian Capital Group arranged $28 million in financing for four retail and office properties in Manhattan. Totaling 164,675 square feet, the properties are located at 9 E. 19th St., 18-20 W. 21st St., 135-141 W. 20th St. and 110-112 W. 27th St. in the Chelsea and...
by Kipp Gillian | Mar 21, 2023 | Office
JLL has arranged a 26,000-square-foot office lease on behalf of Shartsis Friese, LLP on the 11th floor of 425 Market Street in Downtown San Francisco. The move will relocate the storied national law firm’s headquarters for the first time in over 30 years. The firm is...
by Kipp Gillian | Mar 21, 2023 | Office
Commercial real estate firm Colliers | South Carolina has represented Gignilliat, Savitz & Bettis, LLP in the lease of a 6,806-square-foot office space at 3700 Landmark Drive in the Forest Acres area of Columbia, SC. Allen Wilkerson with Colliers | South Carolina...
by Kipp Gillian | Sep 6, 2022 | Affordable Housing
Green Oaks of Goshen. Image courtesy of Evergreen Real Estate Group Multifamily developer, investor and manager Evergreen Real Estate Group has topped off Green Oaks of Goshen, an affordable assisted living community for low-income older adults in Goshen, Ind. First...
by Kipp Gillian | Aug 25, 2022 | A Quick Word - Kipp Gillian
By Paul Bergeron | August 25, 2022 at 08:23 AMCBRE reported this week that it forecasts an increase in construction costs of 14.1% that likely will be the largest in several years, though relief might be on the horizon. Developers point to higher labor costs and the...
by Kipp Gillian | Jul 13, 2022 | A Quick Word - Kipp Gillian
Our client is a real estate development firm specializing in large estate homes and luxury condominium developments. The firm, founded in 2004, invests in luxury residential markets throughout the western US. They currently have projects in Lake Tahoe, Aspen and Sun...
by Kipp Gillian | Jul 12, 2022 | A Quick Word - Kipp Gillian
Our client is well known for creating destinations that enliven urban neighborhoods with amazing hospitality, multifamily and restaurant projects. They are a vertically integrated real estate development firm to oversee their projects from concept through turn-over....
by Kipp Gillian | May 24, 2022 | A Quick Word - Kipp Gillian
The pandemic hit, offices closed and everyone went home to work. The news was a buzz with phrases like “the new norm” “safe distancing” and “remote/work-from-home” being the new standard. I read the headlines and participated in...
