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Watch List: CMBS Loans of Concern with Defense Contractor Exposure

February 13, 2013
Defense contractors are among the three largest tenants in these properties on which the loans have gone into foreclosure, been transferred to special servicing or have drawn a watch list comment from the loan servicers.

For analysis, please see our story on how pending federal spending cuts are impacting contractors and landlords with significant exposure to defense tenants: Looming Sequestration Cuts: Back To Recession or Business as Usual?.


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PropertyAddressProp. Type; NRSFCMBS; Special ServicerCur. Bal.; Payment Status; Mat. DateLargest Defense Tenant; Comment

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38220 Plymouth Road38220 Plymouth Road, Livonia, MIIN; 145,232GCC 2005-GG5; LNR$317,500,000; 90+ days del.; 10/10/2015McKesson; REO as of 9/25/2012.

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Two Skyline Place5203 Leesburg Pike, Falls Church, VAOF; 270,679BofA 2007-1; CWCapital$271,200,000; 90+ days del.; 02/15/2017SAIC; As a result of BRAC, two tenants totaling 804,000 SF are vacating this year, and several others are expected to follow when their leases expire.

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Roseville Corporate Center2700 Snelling Ave. North, Roseville, MNOF; 231,685BS 2005-PWR8; C-III$20,766,439; 90+ days del.; 05/11/2015McKesson; REO as of 12/30/2011.

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Parkway Center Buildings 7, 9 and 10875 Greentree Road, Pittsburgh, PAOF; 363,678MS 2006-HQ8; J.E. Robert$20,316,440; Current; 02/12/2013McKesson; Grandbridge's Pittsburgh office is actively working on refinancing and no issues are anticipated.

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Raytheon Building2101 El Segundo Blvd., El Segundo, CAOF; 112,695CSFB- 2002-CKP1R; LNR$14,174,897; less than 30 days del.; 02/15/2013Raytheon; Raytheon provided notice that it would not be renewing its lease and was to vacate upon its 1/31/2013 expiration.

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3875 & 3955 Faber Place3955 & 3975 Faber Place, North Charleston, SCOF; 129,341Wach 2003-C6; LNR$11,844,670; less than 30 days del.; 07/15/2013Boeing; Boeing vacated 31,834 SF at lease expiration on 7/31/2011.

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Cherokee Building II5510 Cherokee Ave., Alexandria, VAOF; 54,067Citi 2007-C6; CWCapital$9,546,324; less than 30 days del.; 04/10/2017Raytheon; Borrower requested that the loan be transferred to special servicing due to a significant upcoming tenant expiration (24,332 sf, 44.68% GLA, expired 10/31/12).

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2940 Presidential Drive2940 Presidential Drive, Fairborn, OHOF; 59,555BS 2005-PWR9; Helios AMC$9,428,669; less than 30 days del.; 08/11/2015Lockheed Martin; Lockheed Martin, occupying 20,672 sf lease has 12,244 sq ft expiring December 2013; spaces totaling 8,428 sq ft that were due to expire June 2012 were extended to June 2014.

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Citadel Terrace Office Building685 E. Citadel Drive, Colorado Springs, COOF; 102,306COMM 2005-LNP5; CWCapital$8,076,626; 30-59 days del.; 04/10/2015Lockheed Martin; REO as of 11/30/2012.

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Bridgeway Tech Center II7021 Harbour View Blvd., Suffolk, VAOF; 65,498JPM 2005-LDP4; C-III$6,070,097; Current; 08/15/2015Lockheed Martin; Occupancy dropped from 88% as of 6/30/2011 to 57% as of 6/30/2012.

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2970 Presidential Drive2970 Presidential Drive, Fairborn, OHOF; 59,070BS 2006-PWR11; C-III$5,076,490; less than 30 days del.; 12/11/2015Raytheon; There are 8 vacant suites containing 47.57% of the RSF.

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One Corporate Plaza3500 Porsche Way, Ontario, CAOF; 43,908ML 2004-KEY2; LNR$4,736,805; 30-59 days del.; 06/12/2014URS Corp.; This loan is being monitored for P&I delinquency, occupancy decrease and hardship. Per the borrower, the property is 36% occupied as of 12/15/2012.

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JAMAD II540 Woodlake Circle, Chesapeake, VAIN; 61,995GCC 2007-GG11; LNR$3,464,222; Current; 08/10/2017Raytheon; Raytheon has a one year extension pending, but still not yet fully executed.



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