Friday, November 1, 2013

JCPenney-, Sears-Anchored Mall Suffers a 100% Loan Loss

The largest CMBS liquidated loan loss in September was sustained by the Eagle Ridge Mall, a 508,976-square foot regional mall in Lake Wales, FL, (Tampa area), according to credit rating agency Morningstar. The three largest tenants include Sears, Dillard’s and J. C. Penney. The former General Growth Properties-owned center was taken REO via a deed-in-lieu of foreclosure in September 2010, and accumulated nearly $10 million in additional exposure related to servicing expenses since that time.

Ten Largest Realized Losses - September 2013
PropertyCityStateProp TypeLoan BalanceRealized LossCMBS
Eagle Ridge MallLake WalesFLRetail$44,499,386$44,499,386WBC05C22
Prium Office Portfolio (13)VariousWAOffice$27,296,011$25,642,478MLT04BP1
Nemours BuildingWilmingtonDEOffice$55,719,062$24,467,200GCC06GG7
Ashford PerimeterAtlantaGAOffice$31,504,544$18,003,829ACM0501
Holiday Inn Dallas NorthRichardsonTXHotel$14,894,166$14,894,166CSM08C01
St. Joe - Windward PlazaAlpharettaGAOffice$47,586,456$11,619,792JPC07L12
Tech Ridge Office ParkTulsaOKOffice$30,450,446$11,588,110BSC07P17
500 & 700 Parker SquareFlower MoundTXOffice$11,107,583$11,107,583LBUB04C1
Creekside Corporate CenterBolingbrookILOffice$11,852,851$9,415,353JPC06C15
Acworth Crossing Shopping CenterAcworthGARetail$18,596,206$9,113,249MLCF0708
Source: Morningstar

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