Just Published: Watch List (Dec. 16-22): This One is all about Money
In another ominous sign of how tight commercial real estate credit has gotten in the U.S., the fifth-largest shopping center owner/manager in the United States is having trouble refinancing $2.3 billion in short-term financing.
The two retailers take about $100 million of impairment charges.
DURA Automotive Systems has elected to postpone its exit financing process in light of abnormally challenging credit market conditions.
Sonesta decides not to sell; and one buyer can't get financing to buy.
Loan repayments have quit coming in on LeNature's nearly brand-new 530,856-square-foot water bottling plant in Phoenix.
Now after all that bad news, here is news of four groups that have lined up new funds to invest in underperforming assets.
This week's listings include downsizings in California, Florida, Georgia, Missouri, New Jersey, New York, Ohio, Pennsylvania, Texas, Virginia and Washington.
This week's properties on the Watch List are in: Oakland, San Francisco and San Mateo, CA; Lansing and Shelby Township, MI; Lagrange, OH; Seaside, OR; Havertown, PA; Allen, Ennis, Houston and Lubbock, TX.
Source: CoStar Group