**Commercial Real Estate Updates: Foreclosures, Acquisitions, and Valuation Declines**
– **Hamilton Development Acquires Flagler Station Office Building in South Florida**
Hamilton Development, based in Nashville, has acquired an office property in the Flagler Station business park near Doral through a deed-in-lieu of foreclosure. According to the South Florida Business Journal, BOF FL Flagler Station LLC, a subsidiary of Atlanta-based Bridge Investment Group, transferred the property via a $20.47 million deed-in-lieu to HDCAL Flagler Station LLC. Hamilton plans to demolish the existing structure.
– **Historic Office Building McAdory Sold in Birmingham, AL**
The McAdory building located at 2014 Morris Avenue in Birmingham was sold out of receivership to McAdory LLC for $1.5 million on August 25, according to the Birmingham Business Journal. This transaction marks the beginning of a broader portfolio disposition. Previously owned by Founders 1024 CMBS LLC, the building was under the receivership of Sandner Commercial Real Estate Inc., operating as Colliers Alabama.
– **Co-Living Property Faces Foreclosure in Washington, D.C.**
A co-living property at 1126 Ninth Street NW in Mount Vernon Square, across from the Washington Convention Center, is headed toward foreclosure. The Washington Business Journal reports that a foreclosure notice was filed for the 67-bed, 15-unit, 32,531-square-foot building. The owner, an affiliate of Bethesda-based Outlier Realty Capital, has defaulted on a $14.3 million note issued by EagleBank in 2019, with the current outstanding balance at $16.8 million.
– **Concord Technology Center in California Listed for Sale Amid Judicial Foreclosure**
The 477,502-square-foot Concord Technology Center — composed of two buildings at 1655 and 1755 Grant Street in Concord, CA — has been listed for sale by Newmark. This comes as part of a judicial foreclosure action initiated by Wells Fargo after owners Partners Group defaulted on a $400 million loan. According to the San Francisco Business Times, the loan was backed by Concord Tech and three additional properties in California and matured in 2024.
– **Valuation Drops Sharply for Regions Center and Bank Tower in Shreveport**
A significant value decline has been reported for the Regions Center and Bank Tower in Shreveport, LA. According to Morningstar Credit, the two office buildings are now valued at $19.7 million — a 61% drop from their 2017 valuation of $51 million. Part of the LCCM 2017-LC26 loan pool, the $33.3 million loan was transferred to special servicing in July 2024. The property experienced a lease expiration and downsizing by its largest tenant, Regions Bank, lowering occupancy levels from 85% at issuance to 72% as of September 2024.
