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:
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. | Property | Address | Prop. Type; NRSF | CMBS; Special Servicer | Cur. Bal.; Payment Status; Mat. Date | Largest Defense Tenant; Comment |
. | 38220 Plymouth Road | 38220 Plymouth Road, Livonia, MI | IN; 145,232 | GCC 2005-GG5; LNR | $317,500,000; 90+ days del.; 10/10/2015 | McKesson; REO as of 9/25/2012. |
. | Two Skyline Place | 5203 Leesburg Pike, Falls Church, VA | OF; 270,679 | BofA 2007-1; CWCapital | $271,200,000; 90+ days del.; 02/15/2017 | SAIC; 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. |
. | Roseville Corporate Center | 2700 Snelling Ave. North, Roseville, MN | OF; 231,685 | BS 2005-PWR8; C-III | $20,766,439; 90+ days del.; 05/11/2015 | McKesson; REO as of 12/30/2011. |
. | Parkway Center Buildings 7, 9 and 10 | 875 Greentree Road, Pittsburgh, PA | OF; 363,678 | MS 2006-HQ8; J.E. Robert | $20,316,440; Current; 02/12/2013 | McKesson; Grandbridge's Pittsburgh office is actively working on refinancing and no issues are anticipated. |
. | Raytheon Building | 2101 El Segundo Blvd., El Segundo, CA | OF; 112,695 | CSFB- 2002-CKP1R; LNR | $14,174,897; less than 30 days del.; 02/15/2013 | Raytheon; Raytheon provided notice that it would not be renewing its lease and was to vacate upon its 1/31/2013 expiration. |
. | 3875 & 3955 Faber Place | 3955 & 3975 Faber Place, North Charleston, SC | OF; 129,341 | Wach 2003-C6; LNR | $11,844,670; less than 30 days del.; 07/15/2013 | Boeing; Boeing vacated 31,834 SF at lease expiration on 7/31/2011. |
. | Cherokee Building II | 5510 Cherokee Ave., Alexandria, VA | OF; 54,067 | Citi 2007-C6; CWCapital | $9,546,324; less than 30 days del.; 04/10/2017 | Raytheon; 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). |
. | 2940 Presidential Drive | 2940 Presidential Drive, Fairborn, OH | OF; 59,555 | BS 2005-PWR9; Helios AMC | $9,428,669; less than 30 days del.; 08/11/2015 | Lockheed 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. |
. | Citadel Terrace Office Building | 685 E. Citadel Drive, Colorado Springs, CO | OF; 102,306 | COMM 2005-LNP5; CWCapital | $8,076,626; 30-59 days del.; 04/10/2015 | Lockheed Martin; REO as of 11/30/2012. |
. | Bridgeway Tech Center II | 7021 Harbour View Blvd., Suffolk, VA | OF; 65,498 | JPM 2005-LDP4; C-III | $6,070,097; Current; 08/15/2015 | Lockheed Martin; Occupancy dropped from 88% as of 6/30/2011 to 57% as of 6/30/2012. |
. | 2970 Presidential Drive | 2970 Presidential Drive, Fairborn, OH | OF; 59,070 | BS 2006-PWR11; C-III | $5,076,490; less than 30 days del.; 12/11/2015 | Raytheon; There are 8 vacant suites containing 47.57% of the RSF. |
. | One Corporate Plaza | 3500 Porsche Way, Ontario, CA | OF; 43,908 | ML 2004-KEY2; LNR | $4,736,805; 30-59 days del.; 06/12/2014 | URS 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. |
. | JAMAD II | 540 Woodlake Circle, Chesapeake, VA | IN; 61,995 | GCC 2007-GG11; LNR | $3,464,222; Current; 08/10/2017 | Raytheon; Raytheon has a one year extension pending, but still not yet fully executed. |
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