**Return to Lender: Week of July 10, 2025**
Here are the latest updates on notable commercial real estate distress, foreclosures, and bankruptcies across the U.S.:
– **Gateway at Wynwood Auction Win, But Potential Higher Bid in Play**
Special servicer A10 Capital has placed an $89.6 million credit bid to win a bankruptcy auction for the Gateway at Wynwood office building and an adjacent bank branch in Miami. However, according to the South Florida Business Journal, the debtor is requesting additional time to consider a higher offer from Beach Hill Capital Investors LLC, reportedly based on a significantly increased purchase price.
– **Oakland Marriott City Center Sold at Foreclosure Auction**
The largest hotel in Oakland has been sold to its lender for $70.2 million at a foreclosure auction, as reported by the San Francisco Business Times. The property, previously purchased for $143 million by Gaw Capital in 2017, saw a 51% decline in value. The foreclosure follows a default earlier this year on a $100 million loan tied to the hotel.
– **Foreclosure Sale in Sacramento’s Gold Pointe Corporate Center**
Three years after acquiring a Class A office building in Gold River, California, Bering Capital has exited the property via foreclosure. Ethan Conrad, a local investor, purchased the 107,934-square-foot building at 12009 Foundation Place for $8.06 million — approximately 41% less than what Bering Capital paid in 2022, according to the Sacramento Business Journal.
– **Seattle Parking Lot Sold Below Assessed Value**
A Martin Selig Real Estate-owned parking lot near Seattle Center that entered receivership has been sold for $2.5 million. The Puget Sound Business Journal reported that the buyer appears to be a company affiliated with Diamond Parking. The 7,240-square-foot site at 133 First Avenue North sold for 37% below its assessed market value. It is the second of seven Selig-owned parking properties under receivership to have been sold this year.
– **Grant Building in Pittsburgh Listed for Sale**
CBRE has announced that offers for Pittsburgh’s Grant Building are due by July 16 at 5 p.m., according to the Pittsburgh Business Times. The 37-story office tower located at 310 Grant Street is being sold following a receivership that stemmed from a foreclosure tied to a $37.8 million mortgage originated in 2017 through Wilmington Trust.
– **Foreclosure Moves Forward on 750 Lexington Avenue in NYC**
Morningstar Credit reports that the special servicer has secured a summary judgment against the sponsor of the 750 Lexington Avenue property in midtown Manhattan. The $122.9 million loan, associated with GSMS 2015-GC34 & CGCMT 2015-GC35 and part of the CMBX.9 index, has been in special servicing since October 2023. The property, which includes 382,000 square feet of office and retail space, has posted sub-break-even debt service coverage ratios for the past three years. Its most recent appraisal estimated the value at $50 million — a substantial decline from the $300 million valuation at loan origination.
Stay tuned for more updates in the continuing story of distressed commercial real estate assets across the country.
