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October 31, 2023

This Week’s Chicago Deal Sheet

Learn How Chicago's Architects Are Changing The City's Skyline November 16

A Class-A office building in Schaumburg sold to a buyer with creative plans to convert the space.

This Week’s Chicago Deal Sheet

Lee & Associates negotiated the $3.52M sale of a 106.3K SF, five-story office building at 930 National Parkway in Schaumburg to National India Hub Foundation. National India Hub Foundation, a national Indian American organization focused on local community outreach and volunteering, plans to convert the property to a multipurpose community center…

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Top Stories on Bisnow.com

Retail REIT To Spin Off Strip Mall Portfolio Into New Publicly Traded Company Retail REIT To Spin Off Strip Mall Portfolio Into New Publicly Traded Company
Scarcity Of Capital Hammers CRE Scarcity Of Capital Hammers CRE
Cushman & Wakefield Looks To Sell Business Lines, Reduce Debt As Losses Continue Cushman & Wakefield Looks To Sell Business Lines, Reduce Debt As Losses Continue
REPORT: Regional Banks See Big Jump In Nonperforming CRE Loans, Related Losses REPORT: Regional Banks See Big Jump In Nonperforming CRE Loans, Related Losses
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Nontraded REITs Will Give Back $20B In Redemption Requests After Battering Year

Nontraded REITs Will Give Back $20B In Redemption Requests After Battering Year  

Nontraded REITs are poised to grant some $20B in redemption requests by the end of 2023, doubling last year’s total and reflecting the impact of a year in which investors made the unprecedented decision to ask for their money back. 

That number is the largest annual total of redemptions fulfilled by nontraded REITs in their short history, according to Kevin Gannon, chairman and CEO of investment firm Robert A. Stanger & Co. But the number is likely to taper off heading into 2024 as property valuations are lowered and wary investors’ fears are soothed by the money that has already been repaid.

“The NAV REITs raised over $100B in the last seven years,” Gannon said. “A lot of money was devoted to it. Now people are saying, ‘Hey, that price ought to correct a bit.’ I don’t think it’s corrected as much as it should have. It just seems they’re slow to…

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‘It Boils Down To Life And Safety’: Fitness-For-Service Evaluations For Aging Infrastructure

PRESENTED BY:   SOCOTEC
 
‘It Boils Down To Life And Safety’: Fitness-For-Service Evaluations For Aging Infrastructure  

The integrity of commercial buildings and infrastructure, including bridges, roads and public transportation, has always been vital to the U.S., but it has become a more prominent issue in recent years. The federal government estimated that more than 45,000 bridges and 20% of roads across the country are in poor condition.…

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In Case You Missed It...

Chicago Mayor Taps Real Estate Vet As Planning And Development Head Chicago Mayor Taps Real Estate Vet As Planning And Development Head
Chicago Industrial Deliveries At Highest Level In Over 2 Decades, But Signs Of Trouble Loom Chicago Industrial Deliveries At Highest Level In Over 2 Decades, But Signs Of Trouble Loom
Judge Dismisses Lawsuit Over Chicago Fire Land Lease Deal Judge Dismisses Lawsuit Over Chicago Fire Land Lease Deal
‘Nobody Knows Where The Bottom Is Yet:’ Investors Eager To Pounce On Maturing Class-B Office Loans ‘Nobody Knows Where The Bottom Is Yet:’ Investors Eager To Pounce On Maturing Class-B Office Loans
 
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WeWork Gets One-Week Extension To Make Missed Debt Payments

WeWork Gets One-Week Extension To Make Missed Debt Payments  

Beleaguered coworking giant WeWork has negotiated a seven-day extension with creditors to make interest payments it missed at the beginning of October, but it simultaneously missed another loan payment deadline.  In a stock exchange notice issued Tuesday morning, WeWork said it agreed to a forbearance period to make $95M of…

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