List of Lender-Owned Office Properties Growing
Crain's Cleveland Business reports: Lakewood Center North, the tallest rental office building in the Cleveland suburbs, is the latest structure to join the growing list of lender-owned suburban office properties.
The Tomorrow Fund, a German investment fund that buys U.S. properties and owned the 15-floor tower through Lakewood Tomorrow VIII Fund LP, on March 2 surrendered the building to CWCapital Asset Management of Washington, D.C., according to a “deed in lieu of foreclosure” filed in Cuyahoga County.
Lakewood Tomorrow VIII acquired the building, 14600 Detroit Ave. in Lakewood, for a healthy $14.45 million in January 2007 from BGK Group of Santa Fe, N.M. The original loan that Lakewood Tomorrow used to buy the building was for $8.5 million, according to county land records.
The transfer to the lender occurs as the outlook darkens for the 258,000-square-foot Lakewood Center North.
Real Capital Analytics a New York-based research firm, which tracks investment sales and troubled real estate globally, lists nine Northeast Ohio office properties with a total market value of $80 million as distressed as of March 8, compared with eight buildings with a market value of $73 million in its Dec. 3, 2009, report.
RCA's distressed property data is not limited to public court or land-record filings, but also incorporates information on souring loans it obtains from lenders and other sources.
View the full article on Crain's Cleveland Business: List of Lender-Owned Office Properties Growing
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Posted by: Nina Turner