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Wednesday, 11 April 2018

Retail Center Near Philadelphia Mills Mall Placed on Sales Block

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Commercial Real Estate Direct Staff Report

LNR Partners has put on the sales block Liberty Plaza, a 372,130-square-foot retail center in Philadelphia's Parkwood neighborhood.

The property, which is 44.5 percent occupied, had served as collateral for a $43 million mortgage that was securitized through JPMorgan Chase Commercial Mortgage Securities Corp., 2007-LDP12. It transferred to special servicing nearly five years ago and its collateral was taken through a deed-in-lieu of foreclosure in July 2013. The property, on 33 acres at 1455 Franklin Mills Circle, next to the 1.5 million-sf Philadelphia Mills Mall, previously was owned by an affiliate of Simon Property Group.

Special servicing, originally handled by C-III Asset Management, is now being handled by LNR, as the CMBS deal's most subordinate classes have been wiped out. The trust has a remaining balance of $258.5 million, down from its original $2.5 billion.

According to CBRE, which has...

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Philadelphia
  • States: Pennsylvania
  • Sector: Retail
  • Subject: Property Offerings (OFF)
  • Deal Name: JPMorgan Chase Commercial Mortgage Securities Corp., 2007-LDP12
  • Private: Yes
  • bloombergDealName: JPMCC 2007-LD12
Read 538 times Last modified on Thursday, 12 April 2018
Dan Moynihan

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