The Baltimore Business Journal recently announced that two prominent office buildings in Baltimore will be up for auction next month, as the city’s real estate market continues to shift. The Redwood Tower at 217 E. Redwood St. and 201 N. Charles St., both located downtown, will be sold separately through online auctions on Ten-X starting Nov. 18.
In Hialeah, FL a manufacturing warehouse is set to go to court-approved auction with an initial bid of $10.35 million according to the South Florida Business Journal . The auction will take place within three weeks of Oct. 26 at Moecker Realty’s Fort Lauderdale office after Judge Lisa Walsh approved Tamarack Acquisitions LLC as the stalking-horse bidder.
Aareal Capital Corp is currently negotiating the sale of a nonperforming loan tied to a property at 353 Sacramento St in San Francisco reported by San Francisco Business Times . Shoe Palace Corp CEO George Mersho has emerged as a potential buyer for this loan backed by Pacific Oak Capital Partners and Israeli insurer Migdal with an estimated price tag around $70 million.
Morningstar Credit reported that Fisker Corporate Headquarters, located in Manhattan Beach CA and valued at $30 million (2/8% BMARK2021-B27 | CMBX15), has lost its tenant Fisker Group Inc., who filed for bankruptcy shortly after vacating their lease which was scheduled through October of 2026 causing significant damage requiring costly repairs according SFGate.com .
Greenwich Center ,a community shopping center located in Phillipsburg NJ valued at $18..3 million (6/4% WFRBS2014-C24 | CMBX9), recently transferred into special servicing due failing pay off its CMBS loan upon maturity this month following Big Lots’ bankruptcy filing earlier this year which accounts for nearly one-fifth of its occupancy space.
CRG failed repay their CMBS loan valued at $39 million which encumbers Upshore Chapter, a 149-unit apartment complex in Chicago. The property was put on the market for sale in 2023 but never found a buyer and now has an interest rate tied to SOFR plus 361 basis points according to Trepp.
