News

The Federal Deposit Insurance Corp. (FDIC) has completed more than $1 billion in CRE property sales this year ($979 million in commercial properties and $81.2 million in multifamily), according to its latest release of data. The data is through October.

Through the same time period last year, the FDIC had completed $238 billion in commercial property sales and $60.5 million in multifamily sales.

The FDIC has been dealing with the acquired assets of more than 321 failed institutions since 2007 when the Great Recession began.

Five states account for about 75% of the sales so far this year.

State Total Sales No. of Sales Ave. Price / Property

California $188,190,100 83 $2,267,351

Florida $181,724,632 108 $1,682,635

Illinois $144,944,778 76 $1,907,168

Georgia $116,205,396 99 $1,173,792

Texas $94,102,813 111 $847,773

Not surprisingly, the largest properties listed among those sold this year include the main banking headquarters of failed institutions. The largest sales in each of those markets so far this year are as follows:

United Commercial Bank Bldg., 555 Montgomery St., San Francisco; 228,573 SF; sold for $36 million to East West Bank in May.

Venue Apartments, 3701 Grandewood Blvd., Orlando; 306 units sold for $26.5 million to Panther Properties in February.

Park National Bank Bldg., 801 N. Clark St., Chicago; 14,800 SF; sold for $16 million to U.S. Bank in May.

Georgian Bank Bldg., 3300 Cumberland Blvd SE, Atlanta; 65,000 SF; sold for $10.1 million to First Citizens Bank & Trust Co.

Guaranty Bank Bldg., 4161 FM 1960 West, Houston; 1,140 SF Class B office building; sold $2.9 million to Compass Bank in July.