Name of Buyer: CCP
Plain English. The seller lost big time at the "casino," and is cashing out before it gets worse.
When real price discovery comes to an artificial bubble.....it’s painful. There must be a way to shift the pain to the taxpayer /sarc
Soon to be filled with illegals and bums.
They can’t even sell hi rises in big cities without taking a massive hits.
And still the local and network news stooges always feature downtown areas as their backdrops. All those colored lights in those blown up images behind them looks so cool...Ohhhh shiny...pretty....Until ya get down on the ground and the place smells like urine with the violent homeless mental cases taking dumps on the sidewalks in broad daylight and no one is safe from the crime..
I find it very odd they still do this..
they should reach 3 cents on the dollar by next year
I used to work downtown in the shell building. 100 Bush and Battery. It was a cool building but in the 90s it cost $25 to park there. In the early 90s. I can’t imagine what it cost now. But even at that time, if you went out the front door, you had to step over drunks, sleeping on the front steps, and it was smelly even then. Pretty incredible that it’s lasted this long actually.
“… is this the commercial real estate market hitting the iceberg? ”
I have a couple of REIT funds through TIAA-CREF, and they just sent out a notice that they’re limiting total investments in these funds. They are mixed medium to small commercial and residential buildings. I still can’t figure out why or how they arrived at the amount.