Commercial Real Estate News - The Real Deal

South Florida’s top deals: The biggest resi sale was a $14M Boca Raton home

Mary Diduch — Fri, 23 May 2025 00:17:30 +0000

🏆Residential: In South Florida, the top residential deal recorded Thursday was in Boca Raton. A trust tied to Gary Kain, executive chair of AGNC Investment Corp.’s board of directors parted with 499 South Maya Palm Drive for $14.2 million; the seller put it up for sale in January for just under $15 million. The buyer […]

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Landa looks to waterfront park as land-bank, hospitality on hold

TRD Staff — Thu, 22 May 2025 21:30:00 +0000

The former Potrero Power Station in San Francisco’s Dogpatch neighborhood is poised to become a waterfront hotspot. Developer Enrique Landa, a managing partner at San Francisco-based Associate Capital, is spearheading the effort to transform the site with the mixed-use Power Station project. But his plan for a boutique hotel is being put on the back […]

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Joel Wiener’s Pinnacle Group places 5K units in bankruptcy

TRD Staff — Thu, 22 May 2025 21:17:28 +0000

A game of chess is afoot as Joel Wiener’s Pinnacle Group tries to withstand a foreclosure effort from its lender. Wiener filed petitions for bankruptcy protection across 82 entities, PincusCo reported. The entities control 91 properties and roughly 5,000 multifamily units, sporting an original debt principle of $574.4 million. Wiener is aiming to consolidate the […]

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Hines gets key approval on Arts District office project

TRD Staff — Thu, 22 May 2025 21:10:27 +0000

Hines has beat back a second appeal trying to block a 13-story office building, winning a final go-ahead in Downtown Los Angeles. The Houston-based developer was approved by the City Council, which denied a labor-backed appeal against the 435,000-square-foot tower at 2045 East Violet Street, in the Arts District, Urbanize Los Angeles reported. It will […]

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What doom loop? Wells Fargo sees ‘new cycle’ for SF offices

TRD Staff — Thu, 22 May 2025 20:52:19 +0000

The San Francisco office market, once scraping the bottom of the barrel, is rising up once again. That’s the conclusion of economists from locally-based Wells Fargo, who tracked an 11.3 year-over-year jump in U.S. commercial sales last quarter to $98 billion, according to the San Francisco Business Times, citing a recent report. Wells Fargo economists […]

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Watchdog warns of rent-stabilized “maintenance death spiral”

Suzannah Cavanaugh — Thu, 22 May 2025 19:05:34 +0000

The nonprofit watchdog Citizens Budget Commission has joined the rising chorus of industry observers — and now independent researchers — calling on the city to step in and address the growing distress afflicting rent-stabilized housing. Unlike NYU’s Furman Center, which sent up flares last month but did not propose specific solutions, CBC singled out the entity […]

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Los Angeles hotel executives warn distress to follow wage hike

Alena Botros — Thu, 22 May 2025 18:30:00 +0000

The Los Angeles City Council will hold a final vote on a proposal to increase minimum wage for hospitality workers to $30 an hour by 2028 on Friday, May 23. If it passes, which most expect it will, and Mayor Karen Bass signs it, distressed hotel sales and skittish investors and developers could follow. “I’ve […]

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Lenders dole out big bucks for luxury resi projects

Elizabeth Cryan, Matthew Elo — Thu, 22 May 2025 17:08:45 +0000

A giant LED billboard, along with several surrounding retail properties, landed the city’s largest loan in April, providing a $407 million cash infusion to Steven Roth’s real estate investment trust. But lenders pumped the most cash into residential projects, providing a shot in the arm for several long-stalled developments, including Fortress Investment Group’s 125 Greenwich […]

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No takers on distressed O’Hare office prompts Regions to sell loan

TRD Staff — Thu, 22 May 2025 16:59:28 +0000

Regions Bank gave up on trying to sell a suburban Chicago office complex and is instead shopping the troubled loan behind it. The Alabama-based lender is marketing a $47.5 million defaulted loan tied to the O’Hare International Center, a two-building, 530,000-square-foot office complex in Rosemont, Crain’s reported. The default amount comes to $90 per square […]

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Empire Capital continues buying spree with $130M Midtown South deal

Rich Bockmann — Thu, 22 May 2025 16:28:51 +0000

Josh Rahmani and Ebi Khalil continue their office buying spree. The investors’ Empire Capital is in contract to buy a pair of Midtown South buildings for $130 million, sources told The Real Deal. Empire, which has been snapping up discounted office buildings in recent years, is buying 381 and 373 Park Avenue South from the […]

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