Big News Overseas as CBRE, JLL Vie For Control of $87 Bil.

MARK HESCHMEYER, EDITOR
JANUARY 20, 2011
WWW.COSTAR.COM
A WEEKLY COLUMN FOCUSING ON CHANGING MARKET CONDITIONS, COMMERCIAL REAL ESTATE, MORTGAGES AND
CORPORATIONS PUBLISHED BY COSTAR NEWS
IN THIS WEEK'S ISSUE:
Big News Overseas as CBRE, JLL Vie For Control of $87 Bil. in Global Assets ............................................................................... 1
Hedge Fund Fights for Aussie REIT To Sell $1.8 Bil. U.S. Office Portfolio........................................................................................ 2
USAA, Gables Form $400 Mil. Apartment Joint Venture ................................................................................................................... 4
McClatchy Sells, Leases Back 7 Properties to its Employees' Pension Plan .................................................................................... 5
Ocean Bank Sells Newly Foreclosed On Apartments to J.I. Kislak ................................................................................................... 5
Mountain Real Estate Continues To Plumb Bank OREO Holdings for Deals .................................................................................... 6
Bank of the Ozarks Acquires Another Failed Georgia Bank .............................................................................................................. 7
Freddie Mac Offering New CMBS ..................................................................................................................................................... 7
Money Raisings ................................................................................................................................................................................. 8
Property Financings .......................................................................................................................................................................... 8
Nor'easter Challenging SuperValu .................................................................................................................................................... 9
Yum! Brands Places Long John Silver's and A&W Restaurants Up for Sale ................................................................................... 10
Anchor Blue Calls It Quits, Closing 115 Stores ............................................................................................................................... 11
Getty Gets 59 Gas Stations for $111 Mil. ........................................................................................................................................ 13
Loan Extension Could Cost Tasty Baking its Independence ........................................................................................................... 14
Family Dollar Shooting for 300 New Store Openings This Year ...................................................................................................... 14
Disney Store Plans To Add 25 Locations in 2011 ........................................................................................................................... 14
Fresh & Easy Set To Open a Dozen Stores in Northern Calif. ........................................................................................................ 15
Ailing Hospital Chain To Sew Up Operations .................................................................................................................................. 15
MySpace Will Have More Space After Laying Off 500 Workers ...................................................................................................... 16
U.S. Postal Service Streamlining Operations .................................................................................................................................. 16
Under Contract ................................................................................................................................................................................ 16
Watch List: Red Roof Inns Going Back to Noteholders ................................................................................................................... 18
Big News Overseas as CBRE, JLL Vie
For Control of $87 Bil. in Global Assets
Investors Bid Up Stock Prices of the Two Firms
The news flooding Europe's financial newspapers this past week is that Los Angeles-based CB Richard Ellis
Group Inc. (CBRE) has been in exclusive talks for two weeks negotiating a deal to acquire all or a portion of ING
Groep NV's ING Real Estate Investment Management, whose property portfolio is valued at more than $87
billion.
As of Sept. 30, CBRE already had $35.7 billion under management. Fully combining the two entities would
create an investment behemoth with more than $120 billion under management globally.
ING Groep, for its part, would only confirm that it is in discussions with several parties on a possible sale of parts
of the ING Real Estate Investment Management businesses.
Papers in Europe also identified Jones Lang LaSalle as being in discussions with ING regarding its real estate
management business. Jones Lang LaSalle currently has about $40.2 billion in assets under management.
"These contacts may or may not lead to one or more transactions," ING said in a prepared statement. "Any
speculation on scope, pricing and conditions of possible transactions would be premature. Any further
announcement on this matter will be made if and when appropriate."
Earlier this month, ING said it could make a decision in the next few months.
THE WATCH LIST NEWSLETTER
1
CBRE and Jones Lang have neither acknowledged nor confirmed that any such talks were underway.
ING Groep is a global financial institution of Dutch origin offering banking, investments, life insurance and
retirement services. Last summer, ING announced that it would split into two companies: banking and insurance.
As part of that review, ING has been exploring options for its real estate investment management business,
currently under the firms banking operations.
ING's plan to sell some of its real estate business comes after suffering heavy losses in the credit crisis. ING's
real estate operations have lost nearly $1 billion in the last five quarters. And the company still needs to pay back
roughly half of more than $13 billion it received in Dutch government aid.
Also this month, ING Real Estate Investment Management lost its CEO, William Connelly, when he took over as
CEO of ING Commercial Banking and member of the Management Board Banking.
Since the stories broke in the press, CB Richard Ellis's U.S. stock price has increased from $20.50/share on Jan.
11 to $22.45/share as of the morning of Wednesday Jan. 19 – a nearly 10% jump and its 52-week high.
Investors have been feeding on Jones Lang's stock as well. Jones Lang value has increased from $86.25/share
to $89.65/share since its name has been linked to the talks. That value is also a 52-week high.
Hedge Fund Fights for Aussie REIT To Sell $1.8 Bil. U.S. Office Portfolio
Charter Hall Office REIT, a Sydney, Australia-based REIT is looking to sell up to half interest in its U.S. office
portfolio valued at a total of more than $1.83 billion. The plan, however, isn't sitting well with Orange Capital LLC,
a New York City hedge fund that holds a little more than 5% of Charter Hall Office's stock – making it the REIT's
largest independent shareholder.
Charter Hall Office REIT owns 14 office properties in the U.S. with about 7.69 million square feet of rentable
square feet. Five of the properties are in Southern California, with other properties in Denver, Indianapolis,
Atlanta, Orlando, Tampa, Boston, Northern New Jersey, Wilmington, DE, and Washington DC.
This week, the REIT re-confirmed that it is exploring investor demand to co-invest in its United States assets.
"The board and management team have reviewed several strategic alternatives to address the REIT's trading
price discount to NTA [net tangible assets] and enhance long-term returns," the company said in prepared
remarks. "The proposed joint venture with wholesale investors has been communicated to the market and has
received investor support. Discussions with wholesale investors are underway."
Charter Hall Office REIT re-confirmed its stance following public release of a letter from Daniel Lewis, founder
and managing partner of Orange Capital, to Charter Hall Office's independent directors ripping the plan.
As expressed in his letter, among Lewis' concerns regarding a potential joint venture transaction are that it:
Is not apparent that a proposed joint venture could deliver the maximum shareholder value attainable relative to
other potential transaction options including an outright sale or spin-off of the U.S. assets.
Could result in 50% of the U.S. assets being sold at less than their current fair market value;
Would not achieve Charter Hall's objective of addressing its significant trading discount to net tangible assets
(approximately 29% as Jan 12, 2011). And
Has the potential to lock up shareholder value in an illiquid long-term joint venture arrangement with limited exit
and future value realization options for Charter Hall Office shareholders.
In the letter, Orange Capital outlines a variety of other transaction structures to be considered as alternatives,
including the sale of Charter Hall's interest in the entire U.S. portfolio or subsets of the portfolio or a spinoff of the
portfolio to facilitate a "pure play" opportunity for shareholders and allow the U.S. entity to trade comparable to
U.S. publicly traded REITs.
Charter Hall Office already has U.S. partners as investors in many of its U.S. properties.
(Please continue reading on page 4)
THE WATCH LIST NEWSLETTER
2
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(Hedge Fund continued from page 2)
MPG Office Trust in Los Angeles is a 20% owner in each of Charter Hall's One California Plaza in Los Angeles;
Cerritos Corporate Center in Cerritos, CA; Stadium Gateway in Anaheim, CA; San Diego Tech Center in
Sorrento Mesa, CA; and the Wells Fargo Center in Denver, CO.
Stiles Corp. is a 9% owner in the SunTrust Financial Centre in Tampa; and
Brandywine Realty Trust is a 20% owner in One & Three Christina Center in Wilmington.
USAA, Gables Form $400 Mil. Apartment Joint Venture
By: Randyl Drummer
An affiliate of USAA Real Estate Co. executed a joint venture with Gables Residential to develop Class A
multifamily properties at select urban infill sites, as well as purchase an interest in several of Gables’ stabilized
properties. Development is under way on commercial properties in Texas and Maryland.
The development and acquisitions amount to more than $400 million of Class A multifamily assets. San Antoniobased USAA and Atlanta-based Gables closed on the acquisition of the first of three stabilized properties in the
venture.
USAA and Gables Residential closed on the acquisition of the first of three stabilized properties in the venture
and development is underway on the following: Gables Fairmount, to comprise 333 Class A multifamily
apartment homes in Dallas; Gables Bering, 306 multifamily apartments and 11,200 square feet of retail in
Houston; and Gables Upper Rock, 281 apartments in Rockville, MD. Gables will provide development,
construction and property management services to the venture.
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4
McClatchy Sells, Leases Back 7 Properties to its Employees' Pension Plan
Newspaper publisher The McClatchy Co. contributed certain of its company-owned real estate to its qualified
defined benefit pension plan.
The real estate including land and buildings, is in Bradenton, FL; Charlotte, NC; Lexington, KY; Macon, GA;
Myrtle Beach, SC; Olympia, WA; and Rock Hill, SC. McClatchy-owned newspapers in those markets include:
Bradenton Herald at 102 Manatee Avenue W.;
The Charlotte Observer at 600 S. Tryon St.;
Lexington Herald-Leader at 100 Midland Ave.;
The Telegraph at 120 Broadway in Macon;
The Sun News at 914 Frontage Road East in Myrtle Beach;
The Olympian at 111 Bethel St. NE in Olympia; and
The Herald at 132 W. Main in Rock Hill.
The properties have been valued by independent appraisals at $49.6 million in total.
The company is leasing back the property from its pension plan for 10 years and will pay aggregate annual rent
of approximately $4 million to the pension plan.
WhiteStar Advisors LLC, an independent real estate advisory firm, will manage the properties.
McClatchy expects its required pension contribution under federal law to be approximately $50 million in 2011.
The contribution of real estate is expected to satisfy virtually all of the company's required pension contribution
for the year.
"We view this as a win-win transaction for both the pension plan and the company," said Pat Talamantes,
McClatchy's CFO. "Our pension plan will benefit from rental income from the company and from price
appreciation as these properties hopefully gain in value over time. The company will, in turn, preserve its cash to
repay debt."
Talamantes said the company will be able to continue to use the facilities for the foreseeable future and will
receive a cash tax benefit of approximately $7.2 million related to the net tax basis of the property contributed.
Ocean Bank Sells Newly Foreclosed On Apartments to J.I. Kislak
J.I. Kislak Inc. purchased three multifamily properties from Miami-based Ocean Bank. The properties in
Pensacola, FL, have a total of 481 rental units and were recently foreclosed on.
Working closely with Ocean Bank, J.I. Kislak purchased Villas at Jasmine Creek, Villas at Jasmine Fields and all
rental units from Villas at Jasmine Park, a fractured condominium, in a cash transaction without debt in less than
21 days.
The purchase price of the properties was not disclosed. However, CoStar Group is reporting the sale price at
$11.5 million or about $23,910/unit.
At the end of June 2010, Ocean Bank reported just $282,000 of foreclosed multifamily properties. By the end of
September, the dollar figure had risen to $30.85 million.
Over the next 12 months, all three properties will undergo significant renovations.
"J.I. Kislak takes a long-term approach when evaluating potential acquisitions," said Thomas Bartelmo, president
and CEO of J.I. Kislak. "We saw a mutually beneficial opportunity between J.I. Kislak and Ocean Bank to
purchase the properties, and with the aid of the highly experienced team at Ocean Bank, we were able to
complete the transaction under an extremely tight timeframe."
This acquisition brings the total number of units in J.I. Kislak's portfolio to more than 3,100.
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5
The organization owns and operates properties in Arizona, Florida, Maine, New Jersey, Nevada, and Texas.
Mountain Real Estate Continues To Plumb Bank OREO Holdings for Deals
Charlotte-based Mountain Real Estate Capital (MREC) advanced its bank NPL/REO acquisition program by
closing four transactions bringing its total 2010 residential land acquisitions to more than 12,000 acres and more
than 7,500 home sites nationally.
Notes and equity purchases were closed with more than 20 different selling banks, amounting to an unpaid
principal balance in excess of $600 million. With these latest acquisitions, MREC now owns and manages more
than 200 projects with more than 10,000 lots and 7,400 acres. MREC's most recent year-end acquisitions from
banks include:
A $20 million note held
by banking group led
by Regions Bank on
the
mountainside
community
of
Southcliff. Located in
one of the more
desirable
retirement
locations in the U.S,
this
community
consists of 189 home
sites on 400 acres.
The plan is to sell
individual lots or joint
venture lots or entire
sections with regional
private builders.
A $20 million note held
by
CommunityOne
Bank on Kellswater
Crossing, a highly
amenitized residential
community consisting
of more than 600
home
sites
in
Charlotte. MREC's codeveloper will be LStar
Land out of Raleigh.
The plan is to sell
individual lots or joint
venture entire phases
with
public
homebuilders
and
regional
private
builders.
A
Florida
condominium in the
desirable Crosswynde
community,
bought
from GMAC as part of
MREC's
fractured
condo
repurchase
program. And
Purchase
of
foreclosure
bid
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entered by a banking group led by Southern Community Bank & Trust on an approximate $35 million
note secured by the waterfront Tidal Walk community in Wilmington, NC, consisting of approximately
197 home sites and nine boat slips. MREC's co-developer will be LStar Land out of Raleigh.
MREC's bank portfolio acquisition platform is headed by its chief investment officer, Arthur Nevid, in the
company's Charlotte headquarters, and managed by senior investment manager Tom Mahathirath in Atlanta and
Keith Alexander, director of portfolio underwriting.
Bank of the Ozarks Acquires Another Failed Georgia Bank
Bank of the Ozarks in Little Rock, AR, entered into a purchase and assumption agreement including loss share
arrangements with the Federal Deposit Insurance Corp. (FDIC) to purchase substantially all of the assets and to
assume all of the deposits and certain other liabilities of Oglethorpe Bank of Brunswick, GA.
As a result of this agreement, Bank of the Ozarks expands its banking footprint in Georgia to 12 offices. Bank of
the Ozarks previously acquired five northwest Georgia banking offices in March 2010, a Savannah office in July
2010 and four north central Georgia banking offices last month.
Oglethorpe Bank operated two banking offices in southeast Georgia in Brunswick and on St. Simons Island.
In the transaction, Bank of the Ozarks assumed approximately $210 million in deposits and acquired
approximately $210 million in assets including approximately $165 million of loans and approximately $15 million
of other real estate owned.
Through the loss share provisions of the purchase and assumption agreement, the FDIC will reimburse Bank of
the Ozarks for 80% of the losses it incurs on the disposition of covered loans and foreclosed real estate. The net
assets were purchased from the FDIC at a discount of $38 million.
The FDIC estimates that the cost to its Deposit Insurance Fund (DIF) will be $80.4 million.
Freddie Mac Offering New CMBS
Freddie Mac is offering of a new commercial mortgage-backed securities through its Structured Pass-Through
Certificates (K Certificates), backed by multifamily properties.
The company expects to offer approximately $1 billion in K Certificates (K-010 Certificates), which were expected
to price this week and settle by Feb. 10.
The deal "represents the first of many deals we expect to issue this year as our securitization activity grows,"
said David Brickman, vice president of Multifamily CMBS Capital Markets for Freddie Mac. "This offering also
includes a new feature – this is the first K-deal in which two rating agencies were engaged to provide
conventional public ratings."
The mortgages consist of 76 fixed-rate mortgage loans, secured by 81 multifamily properties. The mortgages
have an initial mortgage pool balance of approximately $1.17 billion as of Feb. 1. All of the mortgages are
balloon mortgage loans. Mortgages representing 6.7% of the initial mortgage pool balance do not provide for any
amortization prior to the maturity date; and mortgages representing 43.7% of the initial mortgage pool balance
provide for an interest-only period of between 12 and 24 months following origination.
The largest loan in the portfolio is for $133.36 million and is backed by the East Coast 6 complex in Long Island
City, NY. The complex contains 499 units and the loan interest rate is 5.07% and has an underwritten debt
service coverage of 1.25 times.
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Money Raisings
American Assets Trust Inc. in San Diego priced its initial public offering of 27.5 million shares of its common
stock at $20.50 per share. The underwriters were granted a 30-day option to purchase up to an additional 4.125
million shares at the IPO price. The company will contribute the net proceeds of $514.8 million to its operating
partnership. The operating partnership intends to use the money to repay outstanding debt, for tenant
improvements and leasing commissions, for loan transfer and consent fees and property renovations, and for
general corporate purposes including working capital, future acquisitions and transfer taxes.
Cole Real Estate Investments closed on a $315 million senior unsecured credit facility with Bank of America\,
JP Morgan Chase Bank, U.S. Bank and RBS Citizens. The facility consists of a $100 million term loan and a
$215 million revolving credit facility and includes an accordion feature whereby Cole REIT has the option to
increase the maximum borrowings to $450 million. The interest rate for the facility ranges from 1.75% to 4% over
LIBOR. The facility matures in December 2013.
First Potomac Realty Trust priced a public offering of 4 million of its 7.750% Series A cumulative redeemable
perpetual preferred shares with a liquidation preference of $25 per share. First Potomac estimates the net
proceeds will be $96.6 million (or approximately $111.1 million if the underwriters' overallotment option is
exercised in full). First Potomac expects to use the net proceeds to repay a some of its unsecured revolving
credit facility, to fund the acquisition of properties, and for working capital.
Property Financings
Kilroy Realty Corp. obtained a 7-year, non-recourse mortgage for $135 million bearing interest at a rate of
4.27%. The mortgage matures on Feb. 1, 2018, and is secured by one property in San Francisco. The company
intends to use proceeds to pay down borrowings on its credit facility.
Phillips Edison – ARC Shopping Center REIT Inc. entered into two separate mortgage loans in connection
with its acquisition of Lakeside Plaza and Snow View Plaza, respectively. The loans bear interest at a rate of 3%
plus the quotient of the one-month LIBO rate divided by one minus the reserve percentage.
Marcus & Millichap Capital Corp. arranged a $6.091 million private-placement, credit-tenant lease loan for the
purchase of a Walgreens drugstore in Medford, OR. The loan is for 24.6 years, amortized over 24.6 years with a
fixed interest rate of 6.15%. The loan to value is 88%.
Marcus & Millichap Capital arranged a $5 million loan to refinance a 14,550-square-foot free-standing
Walgreens drugstore in Raleigh, NC. The Walgreens loan is for 10 years, amortized over 30 years with a fixed
interest rate of 6.253%. The loan to value is 66.4%.
Thomas D. Wood and Co. secured $4.5 million in financing for the International Outlet Shopping Center.
Financing was placed with a national bank. The borrowers were refinancing a property in which the loan was
maturing, as well as recouping equity that was used for improvements to the shopping center. The minipermanent loan has an interest rate of 30-day LIBOR + 3.35% with no floor. The loan-to-value is 70%. The
32,423-square-foot unanchored retail center was built in 1985 and is home to major tenant Factory Brand Shoes.
International Outlet Shopping Center is at 5532 International Drive in Orlando, FL.
Thomas D. Wood secured $3 million in financing for the Gallery Center. The borrower wanted to refinance into a
self-liquidating loan as it did not want to have to refinance the property again in the future. The fully-amortizing
loan has a term of 15 years, based on an interest rate of 6.25%. The 102,250-square-foot retail center was built
in 1986, and is home to major tenant Gallery Furniture. Gallery Center is at 9421 S. Orange Blossom Trail in
Orlando.
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8
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Nor'easter Challenging SuperValu
Facing identical store sales of a negative 4.9% in its third quarter, grocery store owner operator SuperValu Inc. is
planning major layoffs and closures and/or the sell offs of some of its store brands in the Northeast U.S.
SuperValu's Northeast banners as a group pulled down corporate-wide store sales by more than 150 basis
points in the third quarter, Craig Herkert, the company's president and CEO, reported in his third quarter
earnings conference call.
"To address the underperformance in our Northeast banners, we have acted with a sense of urgency to improve
accountability and deliver meaningful improvement," Herkert said. "Early in the fourth quarter, we made the
decision to close 29 underperforming stores across a number of banners by the end of the fiscal year. Fifteen of
these closures are located in our Northeast banners."
The company has also negotiated some buyouts for associates at its Acme and Shoppers banners with labor
union officials.
On the corporate front, it launched a number of initiatives to reduce administrative headcount and expects to
eliminate 350 jobs by the end of May. This is in addition to the 300 corporate positions it eliminated already this
year.
THE WATCH LIST NEWSLETTER
9
"These moves together represent approximately 10% of our total corporate headcount and will allow us to rightsize our workforce for today's business needs," Herkert said.
The initiatives, including elimination of some office space, are expected to save the company $60 million.
It's not all bad news for SuperValu, Herkert emphasized.
"Unlike other well-respected food retailers that have reorganized in recent years, let me assure you that we are
in a distinctly different position," Herkert added. "We have leading market positions across our retail network of
1,140 stores and own about 40% of this real estate."
"Our cash from operations remains strong at $1.3 billion on a trailing 12-month basis. We have a great deal of
liquidity."
"We also enjoy a diversified business model which serves nearly 2,000 independent stores through 29
distribution centers and warehouse facilities beyond our retail network, and we operate a growing hard discount
format of 1,236 Save-A-Lot locations which grew retail square feet by 8.5% over the last four quarters," Herkert
said.
When asked by one analyst specifically whether the company would consider divesting any of its Northeast
banners (Acme, Shoppers or Jewel), Herkert did not rule out the possibility, but said the company was not
pursuing that option currently.
"What I have said in the past is we will always look at our asset base and make appropriate decisions for our
shareholders. If we can get a return by either divestiture or acquisitions that are appropriate for our shareholders,
we will always look at those," Herkert said.
Last November, SuperValu sold its Bristol Farms division (14 stores) to a company formed through a partnership
with the Bristol Farms management team and Endeavour Capital. Bristol Farms is a Los Angeles and Orange
County, CA-based chain of grocery stores.
Yum! Brands Places Long John Silver's and A&W Restaurants Up for Sale
Fish and root beer must not be selling in China. Yum! Brands Inc. plans to place its Long John Silver's and A&W
All-American Food Restaurants up for sale, and has begun a process to identify a buyer.
The Long John Silver's and A&W brands account for a total of 1,630 restaurants, all of which are owned and
operated by franchisees.
The company said it is sharpening its long-term growth focus on driving aggressive international expansion and
building its leading brands in China.
In 1998, when Louisville, KY-based Yum! Brands was spun-off from PepsiCo, 22% of its profits were sourced
internationally. Today, about 65% of the company's profits are from the China and Yum! Restaurants
International divisions, and the company expects that percentage to grow to 75% by 2015.
In the U.S., Taco Bell accounts for approximately 60% of the company's profits, followed by Pizza Hut and KFC.
"Over the past decade, Yum! has delivered annual EPS [earnings per share] growth of 13%, exceeding our 10%
annual growth target. This has been driven by aggressively building restaurants in China and Yum! Restaurants
International at a pace of nearly four new restaurants every day of the year," said David C. Novak, Yum! Brands
chairman and CEO. "We do not believe Long John Silver's and A&W-All American Food restaurants fit into our
long-term growth strategy."
"Accordingly, we have decided to put these two great brands up for sale and we will complete the sale only once
the right buyer or buyers have been identified and we can ensure a seamless transition."
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10
Anchor Blue Calls It Quits, Closing 115 Stores
Anchor Blue Inc., a specialty retailer of casual apparel and accessories for the teenage market, filed a petition for
bankruptcy under Chapter 11 of the U.S. Bankruptcy Code with the Bankruptcy Court for the District of Delaware.
Anchor Blue previously emerged from a restructuring in August 2009. Since then, the company has worked to
implement a series of initiatives to position the business for future growth including introducing new
merchandise, reducing overhead costs, launching a new store concept, and bolstering its executive team.
However, Anchor Blue has continued to face strong headwinds from product promotions and discounts offered
by larger retailers and unusually disruptive weather conditions in Southern California where the majority of its
stores are located.
Additional capital was injected into the business in November 2010 to help Anchor Blue through the holiday
season, but the company suffered severe sales declines in December which further eroded its financial position.
Location
Flagstaff Mall
San Tan
Village
Arrowhead
Town Center
Fiesta Mall
Superstition
Springs
Desert Sky
Mall
Address
4650 N Hwy
89
2270 E.
Williams Fld
Rd.
7770 W
Arrowhead
Twn Ctr
1445 W.
Southern
6555 E.
Southern Ave.
Arizona Mills
7611 West
Thomas Rd.
9617 N Metro
Pkwy West
4568 East
Cactus Rd
3298 Gateway
Blvd
2200 El
Mercado Loop
5000 Arizona
Mills Circle
Park Place
Mall
5870 East
Broadway
Metro Center
Paradise
Valley Mall
Prescott
Gateway
Mall at Sierra
vista
Tucson Mall
Yuma Palms
Anaheim
Plaza - Outlet
Store
County East
Mall
Santa Anita
Westfield Mall
4500 North
Oracle
1329 South
Yuma Palms
Pkwy
586 N Euclid
St
2550
Somersville
Rd
400 S. Baldwin
Ave
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City
Flagstaff
Gilbert
Anchor Blue Stores Closing
State Location
Address
8828
Pico Rivera
Washington
AZ Town Center
Blvd.
1448
Stoneridge
Stoneridge
AZ Mall
Mall Road
Glendale
AZ
Mesa
AZ
Mesa
AZ
Porterville
Town Center
Victoria
Gardens
Mt Shasta
Mall
Phoenix
AZ
Galleria @
South Bay
Phoenix
AZ
Phoenix
AZ
Prescott
AZ
Sierra Vista
AZ
Arden Fair
Northridge
Mall Salinas
Tempe
AZ
Inland Center
Tucson
AZ
Tucson
AZ
Yuma
AZ
Eastridge
Mall
Las Americas
Premium
Outlets
Santa Ana
Westfield
Main Place
Anaheim
CA
Santa Maria
Town Center
Antioch
CA
Arcadia
CA
Hilltop Mall
Galleria At
Tyler
Coddingtown
Center
Santa Rosa
Plaza
City
State
Pico Rivera
CA
Pleasanton
CA
Porterville
Rancho
Cucamonga
CA
Redding
CA
Redondo Beach
CA
Richmond
CA
Riverside
CA
Sacramento
CA
Salinas
CA
San Bernardino
CA
San Jose
CA
4211 Camino
De La Plaza
San Ysidro
CA
2800 N Main
St
Santa Ana
CA
Santa Maria
CA
Santa Rosa
CA
Santa Rosa
CA
940
Henderson
12518 N. Main
Street
900 Dana
Drive
1815
Hawthorne
Blvd
2327 Hilltop
Mall Road
1137 Galleria
At Tyler
1689 Arden
Way
410 Northridge
Center
242 Inland
Center Drive
2200
Eastridge
Loop
263 Town
Center East
356
Coddingtown
Center
2005 Santa
Rosa Plaza
CA
11
Location
Brea Mall
Address
2701 Ming
Avenue
2067 B Brea
Mall
Buena Park
Mall
8346 On The
Mall
Carlsbad
Plaza South
Los Cerritos
Center
2525 El
Camino Real
465 Los
Cerritos Ctr
1950 E 20th
Street
Valley Plaza
Chico Mall
Chino Towne
Center Outlet Store
Chula Vista
Center
Puente Hills
Mall
Sierra Vista
Mall
Sun Valley
Mall
Serramonte
Center
Stonewood
Center
Westfield
park
Imperial
Valley Mall
Escondido
Village Mall
North County
Fair
12125 Central
Avenue
555 Broadway
Sp
1600 South
Azusa Ave.
1050 Shaw
Ave
303 Sun
Valley Mall
8-D Serra
Monte Center
250
Stonewood
Street
335 Parkway
Plaza
Anchor Blue Stores Closing
State Location
Address
Weberstown
4950 Pacific
Bakersfield
CA Mall
Avenue
8405 Laurel
Brea
CA Canyon Plaza Canyon Blvd
The
Promenade
40820
Buena Park
CA Mall
Winchester
Del Amo
21880
Fashion
Hawthorne
Carlsbad
CA Center
Blvd
West Valley
3200 South
Cerritos
CA Mall
Naglee Rd.
Valencia
24201
Chico
CA Town Center
Valencia Blvd
City
Chino
CA
Chula Vista
City Of
Industry
CA
Clovis
CA
Concord
CA
Daly City
CA
Downey
CA
El Cajon
CA
El Centro
CA
Escondido
CA
Escondido
CA
Fresno
CA
CA
Fashion Faire
3451
Dogwood Rd
1351 E Valley
Pkwy
200 E. Via
Rancho Pkwy
697 East
Shaw Avenue
Glendale
Galleria
1186 Glendale
Galleria
Glendale
CA
Hanford Mall
1675 W. Lacey
Blvd.
Hanford
CA
Southland
Mall
384 Southland
Mall
Hayward
CA
Hemet Valley
Mall
Pacific Center
- Outlet Store
Indio Fashion
Mall
Laguna Hills
Mall
2200 W
Florida Ave
5952 Pacific
Blvd
82-227
Highway 111
24155 Laguna
Hills Mall
Hemet
Huntington
Park
CA
Indio
CA
Laguna Hills
CA
THE WATCH LIST NEWSLETTER
CA
Pacific View
Mall
The mall of
Victor Valley
Visalia Mall
West Covina
Westfield Mall
Westminster
Mall
Aurora Towne
Center
Coronado
Center
Cottonwood
Mall
Montgomery
Plaza
Animas
Valley Mall
Rio West Mall
Mesilla Valley
Mall
The
Boulevard
Mall
The Meadows
The
Boulevard
Mall
The Meadows
Rogue Valley
Mall
Clackamas
Towne center
Lancaster
Mall
3301 E Main
St
14400 Bear
Valley Road
2055 S
Mooney Blvd
166 Plaza
Drive
2027
Westminster
Mall
14200 E
Alameda Ave
6600 Menaul
Blvd NE
10000 Coors
Bypass NW
5011
Montgomery
Blvd
4601 East
Main Street
1300 West I40 Frontage
1536 Mesilla
Valley Mall
3528 Maryland
Pkwy
4300
Meadows
Lane
3528 Maryland
Pkwy
4300
Meadows
Lane
1600 North
Riverside Ave
12000 SE
82nd
831 Lancaster
Dr NE
City
State
Stockton
CA
Sun Valley
CA
Temecula
CA
Torrance
CA
Tracy
CA
Valencia
CA
Ventura
CA
Victorville
CA
Visalia
CA
West Covina
CA
Westminster
CA
Aurora
CO
Albuquerque
NM
Albuquerque
NM
Albuquerque
NM
Farmington
NM
Gallup
NM
Las Cruces
NM
Las Vegas
NV
Las Vegas
NV
Las Vegas
NV
Las Vegas
NV
Medford
OR
Portland
OR
Salem
OR
12
Location
Lakewood
Center
Merced Mall
Great Mall of
bay area
Vintage Faire
Montclair
Plaza
Montebello
Town Center
Moreno Valley
Mall @
Towngate
Plaza Bonita
Newpark Mall
Northridge
Fashion
Center
Ontario Mills
The Block @
Orange
The Mall of
Orange
Esplandade
Shopping
Antelope
Valley Mall
Panorama
Mall
Address
40 Lakewood
Center Mall
250 Merced
Mall
406 Great Mall
Drive
3401 Dale
Road
5154 Montclair
Plaza Lane
2139
Montebello
Town Center
22500
Towngate
Circle
3030 Plaza
Bonita Road
2047 Newpark
Mall
9301 Tampa
Ave
One Mills
Circle
20 City Blvd.
West
1500 East
Village Way
201 W.
Esplande Dr
1233 W
Avenue P
8425 Van
Nuys Blvd
Anchor Blue Stores Closing
State Location
Address
The Parks At
3811 South
Lakewood
CA Arlington
Cooper St.
6001 Airport
Merced
CA Highland Mall Blvd.
11200
Lakeline Mall
Milpitas
CA Lakeline Mall
Dr.
Cielo Vista
8401 Gateway
Modesto
CA Mall
Blvd West
City
Montclair
CA
Hulen Mall
Montebello
CA
Deerbrook
Mall
Moreno Valley
CA
National City
CA
Newark
CA
Northridge
CA
Ontario
CA
Orange
CA
Orange
CA
Oxnard
CA
University
Mall
South Town
Center
Bellis Fair
Mall
Columbia
Center
Alderwood
Mall
Palmdale
Panorama
City
CA
Tacoma Mall
Vista Ridge
Mall
Town East
Mall
Collin Creek
Mall
4800 S. Hulen
20131
Highway 59
North
2401 South
Stemmons
Frwy
2138 Town
East Mall
811 N. Central
Expressway
575 E.
University
Parkway
10450 South
State St
350 Bellis Fair
Mall
353 Columbia
Center Blvd
3000 184th St.
S.W.
4502 South
Steel St
City
State
Arlington
TX
Austin
TX
Cedar Park
TX
El Paso
TX
Fort Worth
TX
Humble
TX
Lewisville
TX
Mesquite
TX
Plano
TX
Orem
UT
Sandy
UT
Bellingham
WA
Kennewick
WA
Lynnwood
WA
Tacoma
WA
CA
Getty Gets 59 Gas Stations for $111 Mil.
Getty Realty Corp. in Jericho, NY, acquired 59 Mobil branded gasoline station and convenience store in and
around northern suburbs of New York City (including Westchester and Rockland counties) and the lower Hudson
Valley, funding a total investment of $111.3 million.
The 59 properties were acquired in a simultaneous transaction among ExxonMobil, CPD NY Energy Corp. (a
subsidiary of Chestnut Petroleum Distributors) and Getty Realty Corp. whereby CPD acquired a portfolio of 65
gasoline station and convenience stores from ExxonMobil and simultaneously completed a sale/leaseback of
substantially all of the acquired properties with Getty Realty Corp.
Approximately 85% of the funding was provided by Getty via a sale/leaseback transaction with a long-term triple
net unitary lease having an initial term of 15 years plus renewal options. Additional funding was provided by
Getty to CPD under a secured, self-amortizing loan having a 10-year term.
The properties acquired by Getty are high volume locations with strong operating histories. The properties will
continue to sell gas under the Mobil brand and will be operated by CPD or by the existing independent dealers
who will be supplied fuel by CPD.
THE WATCH LIST NEWSLETTER
13
"The sites have secure and steadily growing operating histories and are located in strong markets with excellent
long term demographics," said David Driscoll, CEO of Getty.
Getty Realty is the largest publicly traded real estate investment trust in the U.S. specializing in convenience
store/gas station properties and petroleum distribution terminals. The company owns and leases approximately
1,110 properties nationwide.
Loan Extension Could Cost Tasty Baking its Independence
Tasty Baking Co. reached agreement for new public and private debt financing comprised of $2 million from the
PIDC Local Development Corp., $1 million from the Department of Community and Economic Development of
Pennsylvania and $3.5 million from a group of accredited investors.
In addition, the Philadelphia-based company entered into an amendment to its credit agreement with its bank
group led by Citizens Bank pursuant to which the bank group agreed to defer until June 30, 2011, all principal
payments and credit facility reductions.
This deal requires the company to pursue the sale or merger of the company by June 30, 2011.
This amendment also waived certain defaults, changed the maturity date to June 30, 2011, amended certain
financial covenants and established additional covenants including, among other things, imposing until June 30,
2011 minimum cash balances and prohibiting the payment of any dividends on the company's common stock.
In addition, the lenders for the company's loans from the PIDC and DCED, along with the landlords for the
company's leases at the new bakery and its office headquarters in Philadelphia, have also agreed to defer until
June 30, certain payments due under their loans and leases.
"We believe that the new funds will enable the company to manage cash flow and deal with its tight liquidity
situation as the company continues its evaluation of possible financial and strategic alternatives which, in
addition to a possible sale or merger of the company include the possibility of refinancing the company's longterm debt or raising additional capital," said Charles P. Pizzi, president and CEO of Tasty Baking. "As we pursue
our options, we remain focused on operational efficiencies, growing the business and continuing to produce,
distribute and sell Tastykake products to our customers and consumers."
Family Dollar Shooting for 300 New Store Openings This Year
During its first fiscal quarter of 2011, Family Dollar Stores opened 85 new stores and closed 18 stores, compared
with 43 openings and 33 closings in the first quarter of fiscal 2010.
"We are well on our way to meeting our plan of 300 new stores this year, a 50% increase over last year," said
Ken Smith, senior vice president and CFO, during the company's earnings call. "For the full year, we continue to
expect that our new store opening and renovation plans, combined with investments we are making to drive
productivity in all stores, will result in net revenue growth for the year of between 8% and 10%, and comp store
sales growth of between 5% and 7%."
Smith added that the company also expects to begin construction on its 10th distribution center later this year.
He did not identify the location.
Disney Store Plans To Add 25 Locations in 2011
Building on the successful launch of its interactive and immersive stores in 2010, the international specialty retail
chain is on target to add more than 25 new and remodeled locations in 2011 ultimately transforming all 350+
locations in countries around the world.
THE WATCH LIST NEWSLETTER
14
At the National Retail Federation's "Big Show" in New York City, the chain announced the first 11 North
American and 10 European locations, and plans to reveal additional locations later this year.
In 2011, Disney Store will open newly designed stores in four U.S. territories.
The first newly designed Disney Store in Georgia will open in Atlanta's Perimeter Mall.
Guests in Washington will celebrate the opening of two Disney Store locations in Seattle's Westfield South
center mall and at Bellevue Square.
Mall of America in Minnesota, the second largest mall in the United States, will open its first ever Disney Store.
For the first time in 10 years, Puerto Rico will have its very own Disney Store at Plaza Las Americas this summer
Additionally, Disney Store will open four remodeled stores at Westfield in Culver City, CA; Palisades shopping
center in West Nyack, NY; Chandler Fashion Center in Arizona, and Northstar mall in San Antonio, TX. (By Dorie
Chevlen)
Fresh & Easy Set To Open a Dozen Stores in Northern Calif.
Fresh & Easy Neighborhood Market set to begin opening the first of several in Northern California in March.
These store openings will create more than 275 good jobs throughout Northern California.
Northern California opening dates announced today include:
March 2nd
Bird & Minnesota avenues, San Jose
Diablo Boulevard & Highway, 680 Danville
March 9th
Cabrillo Highway & Linda Mar Boulevard, Pacifica
March 16th
Clayton & Ygnacio Valley roads, Concord
Elmira & Nut Tree roads, Vacaville
March 23rd
Oakdale Road & Lancey Drive, Modesto
Ygnacio Valley & San Carlos roads, Walnut Creek
April 13th
Rosewood Drive & Santa Rita Road, Pleasanton
April 27th
Mission Boulevard & Rousseau Street, Hayward
Imola Avenue & Jefferson Street, Napa
Saratoga & Payne avenues, San Jose
Fresh & Easy will also open two stores in San
Francisco early this year. The opening dates for
these stores will be announced in the coming
weeks. The two stores include:
32nd Avenue & Clement Street
3rd Street & Carroll Avenue.
Fresh & Easy operates more than 150 stores in California, Arizona and Nevada.
Ailing Hospital Chain To Sew Up Operations
Signature Hospital Corp. in Houston is taking steps to divest its remaining hospitals and wind down operations.
FTI Consulting has been engaged to explore the sale of Signature's two remaining hospitals in Texas as well as
to assist in managing these hospitals in the interim.
As part of the company's wind down, Charles Miller, CEO of Signature, has retired.
The company presently owns and operates three hospitals: St. Joseph's Hospital in Parkersburg, WV; Pampa
Regional Medical Center in Pampa, TX; and Gulf Coast Medical Center in Wharton, TX. Pampa Regional is a
115-bed acute-care hospital and the Gulf Coast facility is a 161-bed acute-care hospital.
THE WATCH LIST NEWSLETTER
15
The decision to explore the sale of the Texas hospitals follows Signature's September 2010 announcement of its
agreement to sell St. Joseph's Hospital to West Virginia United Health System.
"Our decision follows months of careful deliberation on the future of our hospitals and the company. Based on
current economic conditions and the impending health care reform, we believe Signature does not have the
scale to continue to ensure long-term financial stability for Pampa Regional Medical Center and Gulf Coast
Medical Center," said Steve Peterson, CFO of Signature Hospital. "We hope to have the sale of St. Joseph's
completed in the first quarter of this year and the sale of the two Texas hospitals finalized before the end of
2011."
MySpace Will Have More Space After Laying Off 500 Workers
Social/music website MySpace is implementing a significant organizational restructuring that will result in a 47%
staff reduction across all divisions globally and impact about 500 employees.
MySpace recently re-launched its website as an entertainment destination for Gen Y.
In a letter to employees, MySpace said: "Today's tough but necessary changes were taken in order to provide
the company with a clear path for sustained growth and profitability. These changes were purely driven by issues
related to our legacy business, and in no way reflect the performance of the new product. The new
organizational structure will enable us to move more nimbly, develop products more quickly, and attain more
flexibility on the financial side. We are also committed to rebuilding the company with an entrepreneurial culture
and an emphasis on technical innovation."
U.S. Postal Service Streamlining Operations
A 16% reduction to the officer ranks, realigning revenue-generating business units and closing one area office
are among steps the Postmaster General Patrick R. Donahoe announced this month to create a leaner, U.S.
Postal Service.
While cost savings will be realized, the main objective of the restructuring is to enhance and strengthen customer
service and relationships, the Postal Service said. The realignment flattens the organization, enabling it to adapt
more quickly to changing market forces and continuing mail volume decline.
"It is imperative that the Postal Service continue its evolution as a forward-thinking, fast-acting company capable
of providing quality products and services for customers and a welcoming, diverse, professional workplace,"
Donahoe said.
The Southeast area office, based in Memphis, TN, will be closed to help streamline Postal operations. All
previous Southeastern districts now will report to the Southwest Area Office, with two exceptions: Tennessee
District will report to Eastern Area and Atlanta District will report to Capital Metro Area. No implementation date
has been established yet.
"The Postal Service is committed to making necessary changes to continue to provide quality service to our
customers and to reinforce the value of the mail," Donahoe said. "Ensuring customer satisfaction is the ultimate
goal of all plans and strategies we develop."
Under Contract
DiamondRock Hospitality Co. entered into a purchase and sale agreement to acquire, upon completion
(expected in 2013), a hotel property under development on West 42nd Street in Times Square, New York City.
The hotel is expected to contain approximately 250 to 300 guest rooms. The contractual purchase price will
range from $112.5 million to $135 million, depending upon the final number of guest rooms, or approximately
$450,000 per guest room. The number of guestrooms could be increased to approximately 400 guest rooms if
certain required permits, approvals and consents are obtained, which would result in the contractual purchase
THE WATCH LIST NEWSLETTER
16
price increasing to approximately $178 million, or $445,000 per guest room. The Hotel is being developed by an
affiliate of Walton Street Capital LLC and Highgate Holdings. Highgate Hotels is expected to operate the hotel
upon completion.
First Potomac Realty Trust agreed to acquire 840 First St. NE, a 12-story, 248,500-square-foot office building
in Washington, DC, for $90 million. The acquisition is structured as a contribution to its operating partnership. As
of Sept. 30, the property was 100% leased to one tenant that specializes in the health care insurance industry. It
expects to finance the acquisition through the assumption of a $58.7 million mortgage loan and the issuance of
approximately $31.3 million in operating partnership units (with the contributor having the option to receive up to
$12 million of this amount in cash). In addition, it agreed to issue to the seller up to $10 million in additional
operating partnership units if certain leasing targets are achieved at the property within the next four years.
First Potomac Realty Trust agreed to acquire One Fair Oaks in Fair Oaks, VA, for $61.3 million, comprised of
the assumption of a $52.4 million mortgage loan on the property and approximately $8.9 million in cash. One
Fair Oaks is a 12-story, 214,200-square-foot office building. As of Sept. 23, the property was 100% leased to a
defense contractor.
Washington Real Estate Investment Trust entered into a contract to purchase 1227 25th St. NW, an eightstory, 130,434-square-foot office building with a two-level parking garage in Washington, DC, for $47 million.
WRIT anticipates closing on 1227 25th St. within 90 days. 1227 25th St. is 72% leased to the GSA and law firm
tenants. It is near the corner of 25th and M Streets in Washington's West End submarket, immediately adjacent
to WRIT's 2445 M St. office building acquired in 2008. WRIT plans to fund this acquisition using available cash
and its line of credit. WRIT projects a stabilized cash yield of 8.7%.
Sunstone Hotel Investors Inc. reached a definitive agreement to acquire the outside 62% interests in its
Doubletree Guest Suites Times Square joint venture for approximately $37.5 million and, as a result, will become
the sole owner of the partnership that owns the 460-room Doubletree Guest Suites Times Square hotel in New
York City. The Company previously acquired a $30.0 million mezzanine loan secured by the equity in the hotel
for a net purchase price of approximately $3.5 million. Included in the acquisition price is approximately $25.0\\\
million of cash and receivables. As a result, Sunstone's net economic purchase price equates to approximately
$286.0 million, or $622,000 per key.
First Potomac Realty Trust agreed to acquire Cedar Hill I & III, two three-story office buildings totaling 102,600
square feet located in Tyson's Corner, VA, and the Merrill Lynch Building, a 12-story, 137,600-square-foot office
building in Columbia, MD. The aggregate purchase price for the properties is $33.8 million, comprised of the
assumption of a $30 million mortgage loan and approximately $3.8 million in cash. As of Sept. 30, the Cedar Hill
properties were 100% leased to the GSA, and the Merrill Lynch Building was 70% leased to 25 tenants.
An affiliate of NNN 2003 Value Fund LLC entered into a purchase and sale agreement with Four Resource
Square LLC, an entity affiliated with the lender on the property, RAIT Partnership, LP, for the sale of the Four
Resource Square property at 10735 David Taylor Drive in Charlotte, NC, for a sale price equal to the outstanding
principal balance of the loan, plus accrued interest and any other amounts due under the loan documents as of
Jan. 20, 2011. As of Jan. 10, the loan had an outstanding principal balance of $21.976 million.
PC Mall Inc. entered into an agreement with Citibank to purchase real property located in El Segundo, CA,
comprising of approximately 82,000 square feet of office space, for $9.75 million in cash. This new office space,
if acquired, would serve as our its corporate headquarters, replacing its current headquarters in Torrance, CA, for
which it is currently subject to a lease, which will terminate on Sept. 30, 2011, if not renewed under a 3-year
renewal option.
Boehringer Ingelheim agreed to acquire Amgen Inc.'s rights in and substantially all assets at Amgen's Fremont,
CA, development and manufacturing facility. The Amgen Fremont facility currently employs approximately 360
employees and is a state-of-the-art, 100,000-square-foot manufacturing facility with pilot plant and process
development labs.
THE WATCH LIST NEWSLETTER
17
ADVERTISEMENT
Watch List: Red Roof Inns Going Back to Noteholders
The following information for these lead listings was provided by Investcap Advisors LLC, an industry leader in providing
surveillance data on loan and commercial real estate performance underlying the CMBS market.
Property
Name
Red Roof Inn
Mobile North
Red Roof Inn
Tucson North
Red Roof Inn
Tucson South
Address
33 East I - 65 Service
Road South, Mobile, AL
4940 West Ina Road,
Tucson, AZ
3704 East Irvington
Road, Tucson, AZ
THE WATCH LIST NEWSLETTER
Maturity
Date
9/1/2017
CMBS
BSCMSI
2007PWR17
Special
Servicer
Comment
C-III Asset
Management
1 of 79 properties backing a
$182.28 million loan more
than 90 days past due.
Borrower and Noteholder have
entered into a non-binding
term sheet setting forth the
terms of the orderly transfer of
all of the properties
(predominately via deeds in
lieu of foreclosure), subject to
Noteholder approvals.
Approval was obtained and
documentation is being
finalized.
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
18
Property
Name
Red Roof Inn
Milford
Red Roof Inn
Gainesville
Red Roof Inn
Jacksonville
Airport
Red Roof Inn
Naples
Red Roof Inn
Orlando
Convention
Center
Red Roof Inn
Tampa
Fairgrounds
Red Roof Inn
Atlanta Town
Center Mall
Red Roof Inn
Chicago
Arlington
Heights
Red Roof Inn
Champaign
Red Roof Inn
Chicago
Downtown
Red Roof Inn
Chicago
Downers Grove
Red Roof Inn
Rockford
Red Roof Inn
Chicago
Willowbrook
Red Roof Inn
Elkhart
Red Roof Inn
Indianapolis
North
Red Roof Inn
Michigan City
Red Roof Inn
Lexington
South
Red Roof Inn
Lexington
Red Roof Inn
Louisville SE
Fairgrounds
Red Roof Inn
Louisville East
Red Roof Inn
Baton Rouge
Red Roof Inn
Lafayette
Address
10 Rowe Avenue,
Milford, CT
3500 SW 42nd Street,
Gainesville, FL
Maturity
Date
CMBS
Special
Servicer
Comment
9/1/2017
See above
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9/1/2017
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9/1/2017
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9/1/2017
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9922 Hawaiian Court,
Orlando, FL
9/1/2017
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5001 North US 301,
Tampa, FL
9/1/2017
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520 Roberts CT NW,
Kennesaw, GA
9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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14701 Airport Entrance
Road, Jacksonville, FL
1925 Davis Boulevard,
Naples, FL
22 West Algonquin
Road, Arlington
Heights, IL
212 West Anthony
Drive, Champaign, IL
162 East Ontario Street,
Chicago, IL
1113 Butterfield Road,
Downers Grove, IL
7434 East State Street,
Rockford, IL
7535 Kingery Highway,
Willowbrook, IL
2902 Cassopolis Street,
Elkhart, IN
9520 Valparaiso Court,
Indianapolis, IN
110 West Kieffer Road,
Michigan City, IN
2651 Wilhite Drive,
Lexington, KY
1980 Haggard CT,
Lexington, KY
3322 Red Roof Inn Pl,
Louisville, KY
9330 Blairwood Road,
Louisville, KY
11314 Boardwalk Drive,
Baton Rouge, LA
1718 North University
Avenue, Lafayette, LA
THE WATCH LIST NEWSLETTER
19
Property
Name
Red Roof Inn
Boston
Mansfield
Foxboro
Red Roof Inn
Boston
Southborough
Red Roof Inn
Boston Woburn
Red Roof Inn
Aberdeen
Red Roof Inn
Columbia
Jessup
Red Roof Inn
Greater
Washington
Lanham
Red Roof Inn
Greater
Washington
Laurel
Red Roof Inn
Greater
Washington
Red Roof Inn
Detroit Airport
Belleville
Red Roof Inn
Detroit
Dearborn
Red Roof Inn
Detroit
Plymouth
Red Roof Inn
Detroit
Rochester Hills
Red Roof Inn
Detroit Taylor
Red Roof Inn
Detroit Warren
Red Roof Inn
Street Louis
Red Roof Inn
Raleigh
Southwest Cary
Red Roof Inn
Greensboro
Coliseum
Red Roof Inn
Raleigh
Downtown
Ncsu
Red Roof Inn
Salem
Red Roof Inn
MT Laurel
Greater
Philadelphia
Address
60 Forbes Boulevard,
Mansfield, MA
Maturity
Date
CMBS
Special
Servicer
Comment
9/1/2017
See above
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9/1/2017
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9/1/2017
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9/1/2017
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8000 Washington
Boulevard, Jessup, MD
9/1/2017
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9050 Lanham Severn
Road, Lanham, MD
9/1/2017
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12525 Laurel Bowie
Road, Laurel, MD
9/1/2017
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9/1/2017
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9/1/2017
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24130 Michigan
Avenue, Dearborn, MI
9/1/2017
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39700 Ann Arbor Road
East, Plymouth, MI
9/1/2017
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9/1/2017
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367 Turnpike Road,
Southborough, MA
19 Commerce Way,
Woburn, MA
988 Hospitality Way,
Aberdeen, MD
6170 Oxon Hill Road,
Oxon Hill, MD
45501 North I 94
Service Drive, Belleville,
MI
2580 Crooks Road,
Rochester Hills, MI
21230 Eureka Road,
Taylor, MI
26300 Dequindre Road,
Warren, MI
5823 Wilson Avenue,
Saint Louis, MO
1800 Walnut Street,
Cary, NC
2101 West
Meadowview Road,
Greensboro, NC
1813 South Saunders
Street, Raleigh, NC
15 Red Roof Lane,
Salem, NH
603 Fellowship Road,
Mount Laurel, NJ
THE WATCH LIST NEWSLETTER
20
Property
Name
Red Roof Inn
Meadowlands
Nyc
Red Roof Inn
Albany
Red Roof Inn
Buffalo
Amherst
Red Roof Inn
Buffalo Airport
Red Roof Inn
Buffalo
Hamburg
Red Roof Inn
Rochester
Henrietta
Red Roof Inn
Syracuse
Red Roof Inn
Utica
Red Roof Inn
Akron South
Red Roof Inn
Dayton North
Red Roof Inn
Columbus
Dublin
Red Roof Inn
Cleveland
Middleburg
Heights
Red Roof Inn
Columbus East
Reynoldsburg
Red Roof Inn
Toledo
University
Red Roof Inn
Cleveland
Westlake
Red Roof Inn
Allentown
Bethlehem
Red Roof Inn
Pittsburgh
Cranberry
Red Roof Inn
Philadelphia
Airport
Red Roof Inn
Harrisburg
North
Red Roof Inn
Philadelphia
Oxford Valley
Red Roof Inn
Philadelphia
Trevose
Red Roof Inn
Columbia East
Address
15 Meadowlands
Parkway, Secaucus, NJ
188 Wolf Road, Albany,
NY
Maturity
Date
CMBS
Special
Servicer
Comment
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
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9/1/2017
See above
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9/1/2017
See above
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9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
5125 Post Road,
Dublin, OH
9/1/2017
See above
See above
See above
17555 Bagley Road,
Middleburg Heights, OH
9/1/2017
See above
See above
See above
2449 Brice Road,
Reynoldsburg, OH
9/1/2017
See above
See above
See above
3530 Executive
Parkway, Toledo, OH
9/1/2017
See above
See above
See above
29595 Clemens Road,
Westlake, OH
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
49 Industrial Highway,
Essington, PA
9/1/2017
See above
See above
See above
400 Corporate Cir,
Harrisburg, PA
9/1/2017
See above
See above
See above
3100 Cabot Boulevard
West, Langhorne, PA
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
42 Flint Road, Amherst,
NY
146 Maple Drive,
Bowmansville, NY
5370 Camp Road,
Hamburg, NY
4820 West Henrietta
Road, Henrietta, NY
6614 North Thompson
Road, Syracuse, NY
20 Weaver Street,
Utica, NY
2939 South Arlington
Road, Akron, OH
7370 Miller Lane,
Dayton, OH
1846 Catasauqua
Road, Allentown, PA
20009 Route 19,
Cranberry Township,
PA
3100 Lincoln Highway,
Trevose, PA
7580 Two Notch Road,
Columbia, SC
THE WATCH LIST NEWSLETTER
21
Property
Name
Address
Red Roof Inn
Charleston
North
Red Roof Inn
Nashville
Airport
Red Roof Inn
Austin South
Red Roof Inn El
Paso West
Red Roof Inn
Houston West
Red Roof Inn
Dallas Fort
Worth Airport
Red Roof Inn
Laredo
Red Roof Inn
San Antonio
Downtown
Red Roof Inn
Greater
Washington
Alexandria
Red Roof Inn
Charlottesville
Red Roof Inn
Huntington
Red Roof Inn
Charleston
West Hurricane
7480 Northwoods
Boulevard, North
Charleston, SC
Red Roof Inn
Mobile North
Red Roof Inn
Tucson North
Red Roof Inn
Tucson South
Red Roof Inn
Milford
Red Roof Inn
Gainesville
Red Roof Inn
Jacksonville
Airport
Red Roof Inn
Naples
33 East I - 65 Service
Road South, Mobile, AL
4940 West Ina Road,
Tucson, AZ
3704 East Irvington
Road, Tucson, AZ
10 Rowe Avenue,
Milford, CT
3500 SW 42nd Street,
Gainesville, FL
510 Claridge Drive,
Nashville, TN
4701 South Interstate
Highway 35, Austin, TX
7530 Remcon Circle, El
Paso, TX
15701 Park Ten Pl,
Houston, TX
8150 Esters Boulevard,
Irving, TX
1006 West Calton
Road, Laredo, TX
1011 East Houston
Street, San Antonio, TX
5975 Richmond
Highway, Alexandria,
VA
1309 West Main Street,
Charlottesville, VA
5190 US Rte 60 East,
Huntington, WV
500 Putnam Village
Drive, Hurricane, WV
14701 Airport Entrance
Road, Jacksonville, FL
1925 Davis Boulevard,
Naples, FL
THE WATCH LIST NEWSLETTER
Maturity
Date
CMBS
Special
Servicer
Comment
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
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9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
1 of 79 properties backing a
$76.44 million loan more than
90 days past due. Borrower
and Noteholder have entered
into a non-binding term sheet
setting forth the terms of the
orderly transfer of all of the
properties (predominately via
deeds in lieu of foreclosure),
subject to Noteholder
approvals. Approval was
obtained and documentation is
being finalized.
9/1/2017
BSCMSI
2007PWR18
C-III Asset
Management
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
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See above
9/1/2017
See above
See above
See above
22
Property
Name
Red Roof Inn
Orlando
Convention
Center
Red Roof Inn
Tampa
Fairgrounds
Red Roof Inn
Atlanta Town
Center Mall
Red Roof Inn
Chicago
Arlington
Heights
Red Roof Inn
Champaign
Red Roof Inn
Chicago
Downtown
Red Roof Inn
Chicago
Downers Grove
Red Roof Inn
Rockford
Red Roof Inn
Chicago
Willowbrook
Red Roof Inn
Elkhart
Red Roof Inn
Indianapolis
North
Red Roof Inn
Michigan City
Red Roof Inn
Lexington
South
Red Roof Inn
Lexington
Red Roof Inn
Louisville SE
Fairgrounds
Red Roof Inn
Louisville East
Red Roof Inn
Baton Rouge
Red Roof Inn
Lafayette
Red Roof Inn
Boston
Mansfield
Foxboro
Red Roof Inn
Boston
Southborough
Red Roof Inn
Boston Woburn
Red Roof Inn
Aberdeen
Address
Maturity
Date
CMBS
Special
Servicer
Comment
9922 Hawaiian Court,
Orlando, FL
9/1/2017
See above
See above
See above
5001 North US 301,
Tampa, FL
9/1/2017
See above
See above
See above
520 Roberts CT NW,
Kennesaw, GA
9/1/2017
See above
See above
See above
9/1/2017
See above
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See above
9/1/2017
See above
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See above
9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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22 West Algonquin
Road, Arlington
Heights, IL
212 West Anthony
Drive, Champaign, IL
162 East Ontario Street,
Chicago, IL
1113 Butterfield Road,
Downers Grove, IL
7434 East State Street,
Rockford, IL
7535 Kingery Highway,
Willowbrook, IL
2902 Cassopolis Street,
Elkhart, IN
9520 Valparaiso Court,
Indianapolis, IN
110 West Kieffer Road,
Michigan City, IN
2651 Wilhite Drive,
Lexington, KY
1980 Haggard CT,
Lexington, KY
3322 Red Roof Inn Pl,
Louisville, KY
9330 Blairwood Road,
Louisville, KY
11314 Boardwalk Drive,
Baton Rouge, LA
1718 North University
Avenue, Lafayette, LA
60 Forbes Boulevard,
Mansfield, MA
367 Turnpike Road,
Southborough, MA
19 Commerce Way,
Woburn, MA
988 Hospitality Way,
Aberdeen, MD
THE WATCH LIST NEWSLETTER
23
Property
Name
Red Roof Inn
Columbia
Jessup
Red Roof Inn
Greater
Washington
Lanham
Red Roof Inn
Greater
Washington
Laurel
Red Roof Inn
Greater
Washington
Red Roof Inn
Detroit Airport
Belleville
Red Roof Inn
Detroit
Dearborn
Red Roof Inn
Detroit
Plymouth
Red Roof Inn
Detroit
Rochester Hills
Red Roof Inn
Detroit Taylor
Red Roof Inn
Detroit Warren
Red Roof Inn
Street Louis
Red Roof Inn
Raleigh
Southwest Cary
Red Roof Inn
Greensboro
Coliseum
Red Roof Inn
Raleigh
Downtown
Ncsu
Red Roof Inn
Salem
Red Roof Inn
MT Laurel
Greater
Philadelphia
Red Roof Inn
Meadowlands
Nyc
Red Roof Inn
Albany
Red Roof Inn
Buffalo
Amherst
Red Roof Inn
Buffalo Airport
Address
Maturity
Date
CMBS
Special
Servicer
Comment
8000 Washington
Boulevard, Jessup, MD
9/1/2017
See above
See above
See above
9050 Lanham Severn
Road, Lanham, MD
9/1/2017
See above
See above
See above
12525 Laurel Bowie
Road, Laurel, MD
9/1/2017
See above
See above
See above
9/1/2017
See above
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See above
9/1/2017
See above
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24130 Michigan
Avenue, Dearborn, MI
9/1/2017
See above
See above
See above
39700 Ann Arbor Road
East, Plymouth, MI
9/1/2017
See above
See above
See above
9/1/2017
See above
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
See above
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6170 Oxon Hill Road,
Oxon Hill, MD
45501 North I 94
Service Drive, Belleville,
MI
2580 Crooks Road,
Rochester Hills, MI
21230 Eureka Road,
Taylor, MI
26300 Dequindre Road,
Warren, MI
5823 Wilson Avenue,
Saint Louis, MO
1800 Walnut Street,
Cary, NC
2101 West
Meadowview Road,
Greensboro, NC
1813 South Saunders
Street, Raleigh, NC
15 Red Roof Lane,
Salem, NH
603 Fellowship Road,
Mount Laurel, NJ
15 Meadowlands
Parkway, Secaucus, NJ
188 Wolf Road, Albany,
NY
42 Flint Road, Amherst,
NY
146 Maple Drive,
Bowmansville, NY
THE WATCH LIST NEWSLETTER
24
Property
Name
Red Roof Inn
Buffalo
Hamburg
Red Roof Inn
Rochester
Henrietta
Red Roof Inn
Syracuse
Red Roof Inn
Utica
Red Roof Inn
Akron South
Red Roof Inn
Dayton North
Red Roof Inn
Columbus
Dublin
Red Roof Inn
Cleveland
Middleburg
Heights
Red Roof Inn
Columbus East
Reynoldsburg
Red Roof Inn
Toledo
University
Red Roof Inn
Cleveland
Westlake
Red Roof Inn
Allentown
Bethlehem
Red Roof Inn
Pittsburgh
Cranberry
Red Roof Inn
Philadelphia
Airport
Red Roof Inn
Harrisburg
North
Red Roof Inn
Philadelphia
Oxford Valley
Red Roof Inn
Philadelphia
Trevose
Red Roof Inn
Columbia East
Red Roof Inn
Charleston
North
Red Roof Inn
Nashville
Airport
Red Roof Inn
Austin South
Red Roof Inn El
Paso West
Address
5370 Camp Road,
Hamburg, NY
Maturity
Date
CMBS
Special
Servicer
Comment
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
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9/1/2017
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9/1/2017
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9/1/2017
See above
See above
See above
5125 Post Road,
Dublin, OH
9/1/2017
See above
See above
See above
17555 Bagley Road,
Middleburg Heights, OH
9/1/2017
See above
See above
See above
2449 Brice Road,
Reynoldsburg, OH
9/1/2017
See above
See above
See above
3530 Executive
Parkway, Toledo, OH
9/1/2017
See above
See above
See above
29595 Clemens Road,
Westlake, OH
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
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49 Industrial Highway,
Essington, PA
9/1/2017
See above
See above
See above
400 Corporate Cir,
Harrisburg, PA
9/1/2017
See above
See above
See above
3100 Cabot Boulevard
West, Langhorne, PA
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
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See above
9/1/2017
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9/1/2017
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9/1/2017
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9/1/2017
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4820 West Henrietta
Road, Henrietta, NY
6614 North Thompson
Road, Syracuse, NY
20 Weaver Street,
Utica, NY
2939 South Arlington
Road, Akron, OH
7370 Miller Lane,
Dayton, OH
1846 Catasauqua
Road, Allentown, PA
20009 Route 19,
Cranberry Township,
PA
3100 Lincoln Highway,
Trevose, PA
7580 Two Notch Road,
Columbia, SC
7480 Northwoods
Boulevard, North
Charleston, SC
510 Claridge Drive,
Nashville, TN
4701 South Interstate
Highway 35, Austin, TX
7530 Remcon Circle, El
Paso, TX
THE WATCH LIST NEWSLETTER
25
Property
Name
Red Roof Inn
Houston West
Red Roof Inn
Laredo
Red Roof Inn
San Antonio
Downtown
Red Roof Inn
Greater
Washington
Alexandria
Red Roof Inn
Charlottesville
Red Roof Inn
Huntington
Red Roof Inn
Charleston
West Hurricane
Red Roof Inn
Dallas Fort
Worth Airport
Red Roof Inn
Phoenix
Chandler
Red Roof Inn
Phoenix Bell
Road
Red Roof Inn
Phoenix Airport
Red Roof Inn
Enfield
Red Roof Inn
New London
Red Roof Inn
Washington
Downtown
Red Roof Inn
Wilmington
Red Roof Inn
Fort Lauderdale
Red Roof Inn
Miami Airport
Red Roof Inn
Tampa Brandon
Red Roof Inn
Atlanta Druid
Hills
Red Roof Inn
Chicago
Northbrook
Address
15701 Park Ten Pl,
Houston, TX
1006 West Calton
Road, Laredo, TX
Maturity
Date
CMBS
Special
Servicer
Comment
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
See above
See above
9/1/2017
See above
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9/1/2017
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9/1/2017
See above
See above
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500 Putnam Village
Drive, Hurricane, WV
9/1/2017
See above
See above
See above
8150 Esters Boulevard,
Irving, TX
9/1/2017
See above
See above
See above
1 of 52 properties backing a
$34.37 million loan more than
90 days past due. Settlement
re the transfers of the hotels
through DIL has been
approved and deeds will be
held in escrow pending the
sale of the debt. Negotiations
underway to sell the debt to
Dune Capital.
1011 East Houston
Street, San Antonio, TX
5975 Richmond
Highway, Alexandria,
VA
1309 West Main Street,
Charlottesville, VA
5190 US Rte 60 East,
Huntington, WV
7400 West Boston
Street, Chandler, AZ
CW Capital
Asset
Management
10/1/2017
CD 2007-C5
10/1/2017
See above
See above
See above
10/1/2017
See above
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See above
10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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1960 Noth Druid Hills,
Atlanta, GA
10/1/2017
See above
See above
See above
340 Waukegan Road,
Deerfield, IL
10/1/2017
See above
See above
See above
17222 North Black
Canyon, Phoenix, AZ
2135 West 15th Street,
Tempe, AZ
5 Hazard Avenue,
Enfield, CT
707 Colman Street,
New London, CT
500 H Street Northwest,
Washington, DC
415 Stanton Christina
Road, Newark, DE
4800 Powerline Road,
Fort Lauderdale, FL
3401 NW Lejeune
Road, Miami, FL
10121 Horance
Avenue, Tampa, FL
THE WATCH LIST NEWSLETTER
26
Property
Name
Red Roof Inn
Chicago
Hoffman
Estates
Red Roof Inn
Joliet
Red Roof Inn
Chicago
Naperville
Red Roof Inn
Kansas City
Overland Park
Red Roof Inn
Louisville
Airport
Red Roof Inn
West Monroe
Red Roof Inn
Boston
Northeast
Saugus
Red Roof Inn
West
Springfield
Red Roof Inn
Bw Parkway
Red Roof Inn
Baltimore North
Timonium
Red Roof Inn
Ann Arbor
University
North
Red Roof Inn
Detroit
Farmington
Hills
Red Roof Inn
Detroit Madison
Heights
Red Roof Inn
Detroit Troy
Red Roof Inn
Asheville West
Red Roof Inn
Greensboro
Airport
Red Roof Inn
Hickory
Red Roof Inn
Edison
Red Roof Inn
Princeton North
Red Roof Inn
Tinton Falls
Red Roof Inn
Jamestown
Falconer
Red Roof Inn
Binghamton
Address
2500 Hassell Road,
Hoffman Estates, IL
1750 Mcdonough
Street, Joliet, IL
Maturity
Date
CMBS
Special
Servicer
Comment
10/1/2017
See above
See above
See above
10/1/2017
See above
See above
See above
10/1/2017
See above
See above
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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111 West Timonium
Road, Timonium, MD
10/1/2017
See above
See above
See above
3621 Plymouth Drive,
Ann Arbor, MI
10/1/2017
See above
See above
See above
24300 Sinacola Court,
Farmington Hills, MI
10/1/2017
See above
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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1698 West Diehl Road,
Naperville, IL
6800 West 108th
Street, Overland Park,
KS
4704 Preston Highway,
Louisville, KY
102 Constitution Drive,
West Monroe, LA
920 Broadway, Saugus,
MA
1254 Riverdale Street,
West Springfield, MA
7306 Parkway Drive
South, Hanover, MD
32511 Concord Drive,
Madison Heights, MI
2350 Rochester Court,
Troy, MI
16 Crowell Road,
Asheville, NC
615 South Regional
Road, Greensboro, NC
1184 Lenoir Rhyne
Boulevard, Hickory, NC
860 New Durham Road,
Edison, NJ
208 New Road,
Monmouth Junction, NJ
11 Centre Plaza, Tinton
Falls, NJ
1980 East Main Street,
Falconer, NY
590 Fairview Street,
Johnson City, NY
THE WATCH LIST NEWSLETTER
27
Property
Name
Red Roof Inn
Long Island
Red Roof Inn
Cincinnati
Northeast Blue
Ash
Red Roof Inn
Columbus West
Red Roof Inn
Cleveland
Independence
Red Roof Inn
Canton
Red Roof Inn
Street
Clairsville
Red Roof Inn
Cincinnati
Sharonville
Red Roof Inn
Erie
Red Roof Inn
Pittsburgh
Airport
Red Roof Inn
Wilkes Barre
Red Roof Inn
Greenville
Red Roof Inn
Johnson City
Red Roof Inn
Knoxville West
Red Roof Inn
Nashville South
Red Roof Inn El
Paso East
Red Roof Inn
Austin Round
Rock
Red Roof Inn
Greater
Washington
Manassas
Red Roof Inn
Richmond
South
Red Roof Inn
Phoenix
Chandler
Red Roof Inn
Phoenix Bell
Road
Red Roof Inn
Phoenix Airport
Address
Maturity
Date
699 Dibblee Drive,
Westbury, NY
10/1/2017
See above
See above
See above
10/1/2017
See above
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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1990 North I - 35,
Round Rock, TX
10/1/2017
See above
See above
See above
10610 Automotive
Drive, Manassas, VA
10/1/2017
See above
See above
See above
4350 Commerce Road,
Richmond, VA
10/1/2017
See above
See above
7400 West Boston
Street, Chandler, AZ
10/1/2017
See above
1 of 52 properties backing a
$33.75 million loan more than
90 days past due. Debt sale is
underway and final draft
settlement documents with the
borrower regarding the deeds
in lieu have been circulated.
Negotiations underway to sell
the debt to Dune Capital.
5900 Pfeiffer Road,
Blue Ash, OH
5001 Renner Road,
Columbus, OH
6020 Quarry Lane,
Independence, OH
5353 Inn Circle Court,
North Canton, OH
68301 Red Roof Lane,
Saint Clairsville, OH
2301 East Sharon
Road, Sharonville, OH
7865 Perry Highway,
Erie, PA
6404 Steubenville Pike,
Pittsburgh, PA
1035 Highway 315,
Wilkes Barre, PA
2801 Laurens Road,
Greenville, SC
210 Broyles Drive,
Johnson City, TN
209 Advantage Place,
Knoxville, TN
4271 Sidco Drive,
Nashville, TN
11400 Chito Samaniego
Drive, El Paso, TX
17222 North Black
Canyon, Phoenix, AZ
2135 West 15th Street,
Tempe, AZ
THE WATCH LIST NEWSLETTER
CMBS
CGCMT
2008-C7
Special
Servicer
LNR Partners
Comment
10/1/2017
See above
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10/1/2017
See above
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28
Property
Name
Red Roof Inn
Enfield
Red Roof Inn
New London
Red Roof Inn
Washington
Downtown
Red Roof Inn
Wilmington
Red Roof Inn
Fort Lauderdale
Red Roof Inn
Miami Airport
Red Roof Inn
Tampa Brandon
Red Roof Inn
Atlanta Druid
Hills
Red Roof Inn
Chicago
Northbrook
Red Roof Inn
Chicago
Hoffman
Estates
Red Roof Inn
Joliet
Red Roof Inn
Chicago
Naperville
Red Roof Inn
Kansas City
Overland Park
Red Roof Inn
Louisville
Airport
Red Roof Inn
West Monroe
Red Roof Inn
Boston
Northeast
Saugus
Red Roof Inn
West
Springfield
Red Roof Inn
Bw Parkway
Red Roof Inn
Baltimore North
Timonium
Red Roof Inn
Ann Arbor
University
North
Red Roof Inn
Detroit
Farmington
Hills
Red Roof Inn
Detroit Troy
Address
5 Hazard Avenue,
Enfield, CT
707 Colman Street,
New London, CT
Maturity
Date
CMBS
Special
Servicer
Comment
10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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1960 North Druid Hills,
Atlanta, GA
10/1/2017
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340 Waukegan Road,
Deerfield, IL
10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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111 West Timonium
Road, Timonium, MD
10/1/2017
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3621 Plymouth Drive,
Ann Arbor, MI
10/1/2017
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10/1/2017
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10/1/2017
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500 H Street Northwest,
Washington, DC
415 Stanton Christina
Road, Newark, DE
4800 Powerline Road,
Fort Lauderdale, FL
3401 NW Lejeune
Road, Miami, FL
10121 Horance
Avenue, Tampa, FL
2500 Hassell Road,
Hoffman Estates, IL
1750 Mcdonough
Street, Joliet, IL
1698 West Diehl Road,
Naperville, IL
6800 West 108th
Street, Johnson City,
KS
4704 Preston Highway,
Louisville, KY
102 Constitution Drive,
West Monroe, LA
920 Broadway, Saugus,
MA
1254 Riverdale Street,
West Springfield, MA
7306 Parkway Drive
South, Hanover, MD
24300 Sinacola Court,
Farmington Hills, MI
2350 Rochester Court,
Oakland, MI
THE WATCH LIST NEWSLETTER
29
Property
Name
Red Roof Inn
Detroit Madison
Heights
Red Roof Inn
Asheville West
Red Roof Inn
Greensboro
Airport
Red Roof Inn
Hickory
Red Roof Inn
Edison
Red Roof Inn
Princeton North
Red Roof Inn
Tinton Falls
Red Roof Inn
Jamestown
Falconer
Red Roof Inn
Binghamton
Red Roof Inn
Long Island
Red Roof Inn
Columbus West
Red Roof Inn
Cincinnati
Northeast Blue
Ash
Red Roof Inn
Cincinnati
Sharonville
Red Roof Inn
Cleveland
Independence
Red Roof Inn
Canton
Red Roof Inn
Street
Clairsville
Red Roof Inn
Erie
Red Roof Inn
Pittsburgh
Airport
Red Roof Inn
Wilkes Barre
Red Roof Inn
Greenville
Red Roof Inn
Knoxville West
Red Roof Inn
Nashville South
Red Roof Inn
Johnson City
Red Roof Inn El
Paso East
Red Roof Inn
Austin Round
Rock
Address
32511 Concord Drive,
Oakland, MI
16 Crowell Road,
Asheville, NC
Maturity
Date
CMBS
Special
Servicer
Comment
10/1/2017
See above
See above
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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5900 Pfeiffer Road,
Hamilton, OH
10/1/2017
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2301 East Sharon
Road, Hamilton, OH
10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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10/1/2017
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615 South Regional
Road, Greensboro, NC
1184 Lenoir Rhyne
Boulevard, Hickory, NC
860 New Durham Road,
Edison, NJ
208 New Road,
Monmouth Junction, NJ
11 Centre Plaza, Tinton
Falls, NJ
1980 East Main Street,
Falconer, NY
590 Fairview Street,
Johnson City, NY
699 Dibblee Drive,
Westbury, NY
5001 Renner Road,
Columbus, OH
6020 Quarry Lane,
Independence, OH
5353 Inn Circle Court,
North Canton, OH
68301 Red Roof Lane,
Saint Clairsville, OH
7865 Perry Highway,
Erie, PA
6404 Steubenville Pike,
Pittsburg, PA
1035 Highway 315,
Wilkes Barre, PA
2801 Laurens Road,
Greenville, SC
209 Advantage Place,
Knoxville, TN
4271 Sidco Drive,
Nashville, TN
210 Broyles Drive,
Washington, TN
11400 Chito Samaniego
Drive, El Paso, TX
1990 North I - 35,
Round Rock, TX
THE WATCH LIST NEWSLETTER
30
Property
Name
Red Roof Inn
Greater
Washington
Manassas
Red Roof Inn
Richmond
South
Address
Maturity
Date
10610 Automotive
Drive, Manassas, VA
10/1/2017
See above
See above
See above
4350 Commerce Road,
Richmond, VA
10/1/2017
See above
See above
See above
CMBS
Special
Servicer
Comment
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THE WATCH LIST NEWSLETTER
31