Chicago real estate players may want to hold off on any further celebration of a judge’s ruling against Mayor Brandon Johnson’s transfer tax hike. After a Cook County judge decided last week that votes shouldn’t count for the so-called Bring Chicago Home referendum on the March 19 election ballot — which would increase the city’s bite out of large real estate deals, if passed by voters — the city’s Board of Elections wants her ruling overturned. The Chicago Board of Elections announced Tuesday that it will appeal against the win for the real estate industry in the lawsuit that invalidated the ..read more

In the run-up to the March Democratic primary, ethics concerns have emerged in the race for Cook County Board of Review commissioner, with challenger Larecia Tucker leveling accusations against incumbent Larry Rogers Jr. Tucker has raised concerns about Rogers’ past employment of his half-brother, Frederic Everly, and his subsequent facilitation of property tax breaks for Everly’s clients, the Chicago Sun-Times reported.  Rogers, a seasoned commissioner with two decades of service, previously employed Everly at the Board of Review before Everly transitioned into a career as a tax appeals ..read more

Compass posted a net loss of $320 million in 2023, including a loss of $83.8 million in the fourth quarter. That’s about half of its net loss of $158 million in the fourth quarter of 2022, a year in which it lost more than $600 million. Net loss figures include non-cash expenses such as stock compensation and depreciation. The company’s cash burn last quarter was $26 million, down from $76 million a year ago. Compass’ adjusted EBITDA — earnings before interest, taxes, depreciation and amortization — was negative $39 million all of last year, down from negative $210 million in 2022. Compass tru ..read more

The owners of New American Funding bought a 208,300-square-foot office tower in Santa Ana for $31 million — or $23 million less than what it traded for five years ago. An unidentified LLC headed by New American’s co-founder, Rick Arvielo bought the nine-story building at 1 MacArthur Place, the Orange County Business Journal reported. The seller was TPG, based in San Francisco, which sought $33 million. The deal works out to $149 per square foot. In 2019, Angelo Gordon and Ocean West Capital Partners bought the Class A building for $54 million, or $259 per square foot. TPG took control of the b ..read more

Solar farm developer Clinton Brown has allegedly defaulted on a loan at a Calabasas site where he wants to build a 200-home subdivision, The Real Deal has learned.  The property, at 27250 Agoura Road, is currently on the market for $29 million, according to a listing on Zillow and other websites. The vacant lot covers 27.4 acres perched atop the Calabasas hills. Entitlements for the envisioned houses are pending the resolution of a federal lawsuit against L.A. County, according to the listing. The entity that owns the site, Atlas LLC, was issued a default notice on Dec. 18, property recor ..read more

First Nordstrom abandoned San Francisco, and now Macy’s is preparing to ship its parade of clothes, perfumes and home furnishings out of town. The New York-based retailer plans to shutter its 400,000-square-foot flagship department store at 170 O’Farrell Street in Union Square, bringing to an end a 71-year run in the heart of the city, the San Francisco Business Times and San Francisco Standard reported. The Downtown Macy’s fell into the crosshairs of new CEO Tony Spring, who decided to close 150 underperforming department stores to boost sales and pivot toward selling luxury goods.  The ..read more

A growing suburban area of Houston is getting a major retail, apartment and office development.  Realty1 Partners, a Fulshear-based retail developer, filed plans to build Elyson Town Center in Elyson, a master-planned community between Cypress and Katy. The project will consist of ground-floor shops, with apartments and workplaces occupying the second floor. In all, it is expected to span roughly 240,000 square feet, according to the filings.  The five buildings have an estimated cost of $37.1 million, though the filings are preliminary.  The plans call for five buildings to ris ..read more

Blackstone’s Jonathan Pollack is jumping ship to Starwood Capital Group, but his start date isn’t until next year. Pollack, who is currently the global head of New York-based Blackstone’s real estate credit business, was tapped to take over as president of Miami Beach-based Starwood starting in 2025, according to a press release. He will take over from Jeffrey Dishner, who will become Starwood’s vice chairman and head of strategy and business development, the release shows. Blackstone will not be refilling Pollack’s role, the firm confirmed in a statement: “We are delighted for Jonathan Pollac ..read more

EQT Exeter paid $14.5 million for a warehouse and office building in Doral. An affiliate of the Radnor, Pennsylvania-based real estate investment trust acquired the 45,970-square-foot mixed-use building at 3605 Northwest 115th Avenue, records show. Sitting on a 2.1-acre site, the building was completed in 2004. The seller, an entity managed by Harry Aizenberg in Laredo, Texas, paid $690,000 for the property in 1997, records show. The building is leased to Wrk Lab, an office furniture dealer, according to an online listing. Led by CEO Ward Fitzgerald, EQT Exeter acquires, develops, leases, and ..read more

One of Houston’s real estate titans is expanding its master-planned community in Conroe through a partnership with Sam Houston State University. The Sam Houston State University Health Professions Building, spanning 85,000 square feet, will rise within Johnson Development’s 2,000-acre Grand Central Park, the Houston Business Journal reported.  The four-story building, set to cost an estimated $70 million, will be located next to SHSU’s College of Osteopathic Medicine. It will serve as a hub for the school’s allied health programs, including athletic training, dietetics, physician’s assist ..read more