Top News for Real Estate Pros

One of Chicago's Tallest Skyscrapers, 76-Story Apartment Building at Grant Park, for Sale

Despite rising interest rates and other economic challenges, 800-Unit NEMA Chicago could bring one of the highest prices for any Chicago property sale in recent years based on the sheer size of the tower and relatively strong demand for luxury residential properties.

It’s not clear how much the developer, Crescent Heights, expects in a sale.

CBRE's CEO Expects Real Estate Values To Drop Further Than Previous Predictions

That drop, expected to be the most acute in office buildings, is being driven by high interest rates and capital not being available, Bob Sulentic, president and CEO of CBRE , told the crowd at a Dallas Regional Chamber luncheon.

The challenges to the commercial real estate industry are purely tied to the uncertainty surrounding capital, he said.

Chicago Developer Agrees To Buy 40-Story Office Tower, Eyes Hotel Conversion

According to people familiar with the situation, Mike Reschke's The Prime Group, Inc has been chosen as the buyer of the 556,200-square-foot property, with considerations to convert at least part of the property into a hotel.

The exact price is unclear, but it is expected to be more than $39 million.

Massive Apartment Complex Near Chicago’s O’Hare Airport Goes Up for Sale

A real estate affiliate of Brookfield has hired Newmark brokers to sell a five-building, 1,115-unit apartment complex near Chicago’s O’Hare International Airport for an unspecified amount.

Though CoStar data says it was appraised at $186.2 million in 2017.

Mall Landlord PREIT Faces $1.1 Billion in Debt Payments Next Month

PREIT , which has 18 malls mainly clustered on the East Coast, has ended up in a sea of red ink despite its efforts to sell off assets to help pay off its debt. Since the start of the year, PREIT has only sold properties that generated just over $30 million in gross proceeds.

The firm that filed for bankruptcy in 2020 warns of an inability to operate.

Stay connected to the latest commercial real estate headlines. Follow CoStar News on LinkedIn and X to receive breaking headlines in the office, retail, industrial and multifamily sectors.