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Office market woes are growing as the long tail of COVID-19's impact on the workplace increasingly surfaces as leases expire. Meanwhile, rising interest rates and lender caution are adding to the issues multitenant office building owners face.
From Crain's Akron Business: NAI Pleasant Valley has added Pickard Commercial Group namesake Jim Pickard and his Akron-based staff of five to its Medina and Cleveland operations.
The buyer is an investor group led by the California State Teachers Retirement System. The pension fund is joining other investors who like the relative stability of medical office buildings in a roiled market.
David Hollister is dealing with a relentless sickness. Although privacy is the reason most people keep a serious illness quiet, it's a widely held practice in the commercial real estate brokerage to keep it secret to protect commission income from aggressive competitors. Hollister shows, and others say, that belief may be starting to change.
Losing Stein Mart and finding no replacements, the plaza's former owner deeded the property to the lender to settle the debt.