01

Two Chicago investors acquired the 441,030-square-foot office tower at 121 W. Wacker Drive for $30 million, compared with its $118.5 million sale price in 2018. The transaction closed November 9 and was first publicly reported November 10. The new owners plan substantial improvements to the nearly century-old building.

So what: The sale provides a stark benchmark for how far some office values have fallen. Lower acquisition prices create opportunities for investors willing to renovate older properties, but also highlight potential losses for owners and lenders carrying assets at higher valuations.

Bisnow

02

Faropoint secured $474 million in refinancing from Truist Bank and Capital One for 85 industrial buildings across 12 states. The portfolio, held in Industrial Value Fund III, is concentrated near Chicago, Philadelphia, and New York City. The financing replaces acquisition debt and includes potential additional commitments tied to improvements in net operating income.

So what: Large portfolio refinancings show lenders remain willing to commit capital to diversified industrial holdings. The structure also demonstrates how additional borrowing capacity can depend on improved property performance rather than simply increasing leverage.

Real Estate Finance

03

Cohen & Steers and DLC acquired the 206,319-square-foot West Street Shopping Center in Keene, New Hampshire. The property is anchored by Hannaford and includes tenants such as Hobby Lobby, UPS, and Maurices. Local property records indicate a $24.5 million transaction, although the buyers did not disclose pricing.

So what: Institutional investors continue targeting grocery-anchored retail properties with established customer traffic. Limited new retail construction can support the investment case for existing centers, particularly where landlords see opportunities to improve occupancy and rents.

Cohen & Steers

04

Greystone and Cushman & Wakefield announced the sale and financing of Evolv, a 334-unit apartment community in Mansfield, Texas. Greystone provided $39.237 million in Fannie Mae acquisition financing for buyer Greybrook Realty Partners. The purchase price was not disclosed.

So what: Agency financing remains an important source of liquidity for multifamily acquisitions. For buyers, access to debt is only part of the equation; acquisition pricing and property income still need to support the financing.

Greystone

05

Pretium and subsidiary Progress Residential agreed to pay approximately $49.7 million to settle allegations brought by the Federal Trade Commission and four states. The allegations involved rental pricing disclosures, fees, security deposits, and restrictions on negative reviews. Progress Residential manages more than 90,000 single-family rental homes across 17 states.

So what: Regulatory scrutiny is becoming a more significant consideration for institutional residential landlords. Changes to fee structures and leasing practices can affect operating income, compliance costs, and underwriting assumptions. The settlement should not be interpreted as a judicial finding of liability.

Bisnow

06

Kairoi Residential and Clarion Partners announced completion of The Gild at Metro Center, a 419-unit apartment community in Aurora, Colorado. The five-building development occupies approximately 12 acres within a Qualified Opportunity Zone, with residences ranging from studios to three-bedroom apartments.

So what: New apartment deliveries are testing demand in markets that have experienced significant construction. Investors should watch how quickly properties lease up and whether concessions are needed to attract tenants, potentially reducing effective rental income.

Mile High CRE