Retail property loans made up the bulk of large CMBS loans transferred to special servicing in the past month.
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Included among them is a four-property portfolio affiliated with Rubloff Development Group Inc. of Rockford, IL. The properties generally in rural areas and two have high lease availability. The four properties are as follows.
Hutchinson Mall is 525,328-square-foot mall at Kansas Highway 61 and 17th Street. The anchor tenants include: Dillard's, Hobby Lobby, JCPenney and Orscheln Farm & Home Supply. CoStar shows 131,000 square feet available for lease.
Lakewood Mall is a 332,837-square-foot enclosed mall at 3315 6th Ave. SE in Aberdeen, SD. The anchor tenants include: Carmike, Herberger's, JCPenney, Sears.
Imperial Mall is a 398,000-square-foot enclosed mall at 12th Street and Marion Road in Hastings, NE. CoStar shows nearly 170,000 square feet available for lease.
Thunderbird Mall is a 253,539 square foot enclosed mall at the northwest corner of US Highway 53 and 12th Avenue. Thunderbird Mall is the largest shopping center from Virginia, MN, north to the Canadian border.
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. | Property | Address | Property Type | Cur. Bal. | CMBS; Special Servicer | Comment |
. | Royal Centre | 11575, 11475, and 11700 Great Oaks Way, Alpharetta, GA | Office | $77,000,000 | MS 2007-IQ15; C-III | Current DSCR = 0.99, occupancy = 68.9. |
. | Hutchinson Mall | 1500 E. 11th St., Hutchinson, KS | Retail | $56,793,342 | GS 2006-GG8; CWCapital | Current combined DSCR was 1.14x with a 69% occupancy rate as of 8/1/12. Major deferred maintenance reported on most recent inspection. |
. | Lakewood Mall | 3315 Sixth Ave. SE, Aberdeen, SD | Retail | Same as above | GS 2006-GG8; CWCapital | Same as above |
. | Imperial Mall | SWC of 12th Street and Marian Road, Hastings, NE | Retail | Same as above | GS 2006-GG8; CWCapital | Same as above |
. | Thunderbird Mall | NW Quadrant of 12th Ave West & US Highway 53, Virginia, MN | Retail | Same as above | GS 2006-GG8; CWCapital | Same as above |
. | Hilton Tapatio | 11111 N. 7th St., Phoenix, AZ | Lodging | $54,600,020 | BS 2006-TOP24; C-III | Purchase agreement executed in November 2012. |
. | Colonial Mall Myrtle Beach(14) | 10177 N. Kings Highway, Myrtle Beach, SC | Retail | $45,813,260 | Wach 2006-WHALE7; Wells Fargo | Transferred for imminent default; upcoming maturity this month. |
. | Capital Plaza | 10301 and 10401 Deerwood Park Blvd., Jacksonville, FL | Office | $39,350,591 | MS 2006-IQ11; LNR Partners | Transferred for imminent default. |
. | Clybourn Galleria | 1840 N. Clybourn ., Chicago, IL | Retail | $38,286,981 | GS 2006-GG8; CWCapital | Transferred for imminent default. |
. | Springdale Center | 3250 Airport Blvd., Mobile, AL | Retail | $36,907,000 | CS 2006-C4; Helios AMC | Transferred for imminent default after the borrower stated it could no longer financially support two of the five cross-collateralized assets. |
. | Chicopee Marketplace Shopping Center | 591 Memorial Drive, Chicopee, MA | Retail | $17,415,000 | CS 2006-C4; Helios AMC | Transferred for imminent default after the borrower stated it could no longer financially support two of the five cross-collateralized assets. |
. | Governor's Pointe Office Campus | 4700 Duke Drive and 4900 Parkway Drive, Mason, OH | Office | $14,275,500 | Wach 2007-C34; CWCapital | Loan transferred imminent monetary default. |
. | Wilkes-Barre Towne Marketplace | 2150 Wilkes-Barre Township Marketplace, Wilkes-Barre, PA | Retail | $10,613,000 | CS 2006-C4; Helios AMC | Transferred for imminent default after the borrower stated it could no longer financially support two of the five cross-collateralized assets. |
. | Ringling Square | 1626 Ringling Blvd., Sarasota, FL | Office | $9,062,592 | CS 2006-C4; Helios AMC | Transferred for imminent default after the borrower stated it could no longer financially support two of the five cross-collateralized assets. |
. | Red Springs Shopping Center | 805 E. 4th Ave., Red Springs, NC | Retail | $2,134,303 | CSFB 2003-C3; C-III | DSCR as of 6/30/12 was 0.89; occupancy was 75% as of 3/31/12. |
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