Multifamily
The FBI initiated a search of Cortland Management’s office in Atlanta. The search was associated with the Department of Justice’s exploration of possible antitrust violations within the multifamily sector.
Co-living company Common Living has been taking steps toward closing down after nine years in business.
Industrial
US Logistics Solutions Inc., a trucking company in Texas, went into bankruptcy and is swiftly moving forward with liquidating.
Battery manufacturing company Kontrolmatik Technologies filed a lawsuit against JLL disputing a $5M fee to JLL that would go toward building a South Carolina plant.
Capital Markets
Shorenstein Properties, which has held $19B of real estate within the last 32 years, is facing close to $1B in debt within its office assets.
As a result of the high interest rate environment, nontraded REITs may put forth regulations on how much money an investor can take out.
A crane at a construction area burst into flames and collided with 555 10th Ave, a high-rise apartment property nearby. The wreckage has resulted in $82.8M worth of damages.
Economic Development
Apple is taking a pause on developing its campus in Research Triangle Park in North Carolina.
Hotel
Sonder has put plans in place to leave 80 of its buildings and looking to decrease rents at 25 of them. 60 properties have already shut down and the remaining properties will do so by the end of 2024.
Office
Bloomberg’s shell company purchased a 134K SF building at 980 Madison Avenue for $560M.
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