Future of commercial real estate tied to pandemic

Between landlords and tenants, it may be a toss-up on who’s more nervous these days.

The COVID-19 pandemic has made it challenging for many businesses to keep the lights on and for property owners to collect rent. The future of commercial real estate is tied to the long-term impacts of the pandemic and President Donald Trump and opponent Joe Biden have decidedly different strategies.

Before the pandemic, the talk of the town was Detroit’s resurgence. The Dan Gilbert-led crusade to redevelop the city had taken hold with plans for new projects popping up what seemed like every day. Now some of the city’s largest employers, including the Gilbert-owned family of companies including Rocket Companies Inc. (formerly Quicken Loans), has most of its approximately 18,000 downtown staff working from home.

Approximately less than 20 percent of the 125,000 people working in greater downtown Detroit before the pandemic have returned to their

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San Antonio shopping center owned by company tied to Nate Paul heading for foreclosure

A shopping center that was once home to dance hall Midnight Rodeo — and is owned by an affiliate of World Class Holdings, a company founded by Nate Paul — may be headed for foreclosure next month.

Paul is the Austin businessman at the center of the scandal currently engulfing Texas Attorney General Ken Paxton.

The property at 12260 Nacogdoches is set to be auctioned off Nov. 3, Bexar County property records show, although county officials have repeatedly postponed foreclosure sales due to the coronavirus pandemic.

Sonora Bank first pushed to foreclose in December and subsequently filed notices again this spring and summer, most recently last month. The bank’s promissory note is for roughly $4.7 million.

Two other San Antonio properties owned by entities connected to World Class were slated for foreclosure this summer.

Lenders sought to foreclose on warehouses at 639 Lanark on Aug. 4, a sale that was

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