According to Trepp, Accesso Partners has given up ownership of a 393,107-square-foot office building located at 20 North Clark St. in Chicago through a deed-in-lieu of foreclosure to its lender. The lender, One William Street Capital Management, had provided $67 million in financing for the property in 2021. Accesso acquired the building back in 2013 for $64 million with a client of UBS Global Asset Management and bought out their partner’s share for $94 million in 2017.
The Charlotte Business Journal reported that Northlake Mall is set to sell for only $39 million after Starwood Capital Group paid $248 million for the mall six years ago. Spinoso Real Estate Group took over as receiver of the mall last year and recently entered into an agreement with Hull Property Group and Racine Mall LLC (both based out of Georgia) to purchase it at auction on Jan.7th.The property has been facing default since 2017 due to a delinquent acquisition loan totaling$646.6million.
Trepp also reported that Tides Equities has handed over control of Tides on44th apartment complex located Phoenixto its lender Starwood Property Trust after purchasing it just last yearfor$51millionwitha$46 .2-millionloan fromthe same company.
Insignia LLC purchased Parkside Terraces,a20-acreofficecampuslocatedinAlpharetta,GAbutthewholepropertywasrecentlysurrenderedtoaforeclosurebyitspreviousowner.AccordingtotheAtlantaBusinessChronicle,theacquisitionpriceofthesite wasonly$15millionwhichisnearly70%lessthanwhatitwaspurchasedforjustsixyearsago.InsigniaobtainedaloanfromWhiteOakAssetsLLCworth10-milliondollarsforthetransaction.TreppreportedthatCITBanktookoverownershipofTheLeamington,ahistoricofficebuildinglocatedinOakland,CAthroughadeed-in-lieuofforeclosure.HarvestPropertiespurchasedtheClassBpropertyfor$19.1millionin2015butseemstohavefallenbehindonaloanworth$35.5millionthattheytookoutonthepropertybackin2019.
The former location of Capra’s Sporting Goods in Blaine,MN was sold for $2.1 million at a foreclosure auction to the owner of the mortgage loan that was used to secure it.Village Bank is now the new owner of 8565 Central Ave.NE after filing a foreclosure lawsuit last year against the property where Capra’s had been located for many years.
In other news,the Portland Business Journal reported that Clackamas Town Center in Happy Valley,OR has defaulted on its $191 million mortgage debt just months before half of its leases are set to expire.The loan was originally originated by BankofAmericaand later soldtoaCMBStrustmanagedbyKeyBankNationalAssociation.BrookfieldProperties,theownerofClackamasTownCenter,isworkingwiththeirlendertoaddressthedefaultandensurethereisnoimpacttoshoppingcenteroperations.
