SEATTLE-CBRE Capital Partners has acquired Smith Tower, a 42-story, 250,000-square-foot office building, and the nearby Florence Building, a retail-and-mixed-use building measuring 6,000 square feet, through a foreclosure. Both buildings are situated in Pioneer Square in downtown Seattle.
Last fall, CBRE Capital Partners took control of two non-performing mortgage loans and started the foreclosure process. The trouble loans totaled $42.5 million. CBRE Capital Partners is planning to hire Seattle-based Goodman Real Estate to manage the buildings. For the full story, go to Commercial Property Executive .
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