Aeropostale announced it will be closing 154 stores in conjunction with its bankruptcy filing. We’ve created a list of CMBS loans that intersect with that list of closings (Aeropostale store closings touching CMBS).
There are 36 loans for which a closing Aeropostale is part of the tenant base. The majority of the properties do not list Aeropostale as a top five tenant. Nine of the loans are either going through the foreclosure process, are already REO, or are 60 or more days delinquent.
Fresh Market to Close 13 Stores
Fresh Market announced it will be closing 13 locations across four states: Kansas, Missouri, Iowa and Texas. One story on the subject is here from The Kansas City Star. All Fresh Markets in Texas are among the list.
There are two only two closing stores that touch CMBS and neither would appear to pose either serious or near-term concerns.
The first is the $40 million Bradley Fair Shopping Center loan. The property is a 278,552 square-foot, open-air shopping center in Wichita, Kansas. Fresh Market is the third largest tenant with 7.5% of the space and a lease that ends in 2022. The top two tenants are Bed Bath & Beyond and Barnes & Noble. The loan posted a DSCR of 3.28x in 2015 and the securitization LTV was 59. The note makes up 3.48% of GSMS 2013-GC12.
Next is the Fresh Market at 11557 Olive Boulevard in Creve Coeur, Missouri. It backs the single-tenant, aptly named $5.1 million The Fresh Market loan. That note makes up 0.72% of WFCM 2015-SG1. The Fresh Market lease runs until 2030 and there is no mention of any early termination option in the deal prospectus. The interest-only loan matures in 2025.
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