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Two recent transactions involving failed class-A office properties in two different markets speak volumes about the depth of the commercial sector‘s crisis. Fort Worth's Burnett Plaza has ...
The property became Glimcher's second mall in Columbus, following Polaris Fashion Place. Among Glimcher's first moves with the property was to add a fourth anchor, Kaufmann's. This Kaufmann's was the first in a "lifestyle" prototype featuring a smaller floor plan with wider aisles. [5] The same year, the Lazarus store became Lazarus-Macy's. [6]
Since March 2023, 625 commercial loans have been foreclosed on — a 117% increase over the previous year, according to real estate research and data analysis firm ATTOM. It's another data point ...
It was individually listed on the Columbus Register of Historic Properties in 1984. The 22,500 sq ft (2,090 m 2 ) building [ 3 ] was constructed as the Avery Pontiac dealership in 1909. It became used for a warehouse and later as an artist and photographer living space.
In June 2010, after a second failed sale of the building, Fifth Third Bank foreclosed on the property and all tenants vacated the building. [6] An affiliate of Columbus real estate firm E.V. Bishoff Co. acquired the building on February 8, 2013 for $535,000, ending more than five years of legal limbo for the vacant tower. [7]
Nevertheless, in an illiquid real estate market or if real estate prices drop, the property being foreclosed could be sold for less than the remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the ...
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