{"id":2024,"date":"2022-03-21T21:00:44","date_gmt":"2022-03-21T21:00:44","guid":{"rendered":"https:\/\/cred-iq.com\/blog\/?p=2024"},"modified":"2022-03-21T21:00:44","modified_gmt":"2022-03-21T21:00:44","slug":"cmbs-and-commercial-real-estate-implications-of-a-kohls-takeover","status":"publish","type":"post","link":"https:\/\/cred-iq.com\/blog\/2022\/03\/21\/cmbs-and-commercial-real-estate-implications-of-a-kohls-takeover\/","title":{"rendered":"CMBS and Commercial Real Estate Implications of a Kohl&#8217;s Takeover"},"content":{"rendered":"\n<p><strong>Key Takeaways:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Kohl\u2019s plans to open smaller stores and transition away from department store format<\/li><li>The highest concentration of Kohl\u2019s lease expirations occurs in 2024 impacting $815 million in CMBS debt<\/li><li>CMBS exposure to Kohl\u2019s totals approximately $5 billion<\/li><\/ul>\n\n\n\n<p>Speculation surrounding Kohl\u2019s and its future as a public company has been active during Q1 2022. In early-March 2022, Kohl\u2019s provided updates on strategic initiatives for the company, which included a transition away from traditional department store operations. The retailer plans to open 100 new stores over the next four years with a smaller format than the 80,000 to 100,000-sf footprint of a Kohl\u2019s legacy store layout. Kohl\u2019s has reportedly faced pressure from activist investors to sell the company. Interested parties included hedge fund Starboard Value and private equity firm Sycamore Partners. Most recently, Hudson\u2019s Bay \u2014 the former owner of failed department store Lord &amp; Taylor \u2014 was reported to be considering a takeover bid for Kohl\u2019s. The strategic objectives of Kohl\u2019s management and external pressures from activist investors may lead to subsequent impacts in the commercial real estate sector.<\/p>\n\n\n\n<p>In a takeover, many of Kohl\u2019s owned real estate locations may be sold in a sale-leaseback transaction. Store closures or reduced footprints, in line with current management objectives, may also be possibilities for future operations. In all scenarios, retail landlords will need to adapt to the evolution of the retailer\u2019s operational and real estate strategies.<\/p>\n\n\n\n<p>Kohl\u2019s operated approximately 1,165 stores as of January 2022 and owned 35% of the real estate for those locations. Kohl\u2019s leased space for approximately 44% of its store locations. For 20% of the store locations, Kohl\u2019s owned its building improvements and ground-leased the underlying land. Leased locations typically operate pursuant to a 20 to 25-year lease agreement with several five-year extension options.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-22.png\" alt=\"\" class=\"wp-image-2029\" width=\"376\" height=\"226\" srcset=\"https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-22.png 752w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-22-300x180.png 300w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-22-696x417.png 696w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-22-150x90.png 150w\" sizes=\"auto, (max-width: 376px) 100vw, 376px\" \/><\/figure><\/div>\n\n\n\n<p>Kohl\u2019s has been historically more versatile than counterparts JCPenney and Macy\u2019s with the location of its stores less reliant on regional malls. Only 5% of all stores are part of a community center or regional mall. Most locations, approximately 81%, anchor smaller strip centers. Kohl\u2019s also operates freestanding locations, which make up 13% of the total store count.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-21.png\" alt=\"\" class=\"wp-image-2028\" width=\"376\" height=\"226\" srcset=\"https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-21.png 752w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-21-300x180.png 300w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-21-696x417.png 696w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-21-150x90.png 150w\" sizes=\"auto, (max-width: 376px) 100vw, 376px\" \/><\/figure><\/div>\n\n\n\n<p><a href=\"https:\/\/cred-iq.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">CRED iQ<\/a> leveraged its platform to identify properties leased to Kohl\u2019s and properties that are shadow-anchored by a Kohl\u2019s store. CRED iQ identified 230 properties with exposure to Kohl\u2019s with actionable data including lease size, lease expiration date, property information, and borrower contact information. Most leases for this group of properties have expirations within the next 10 years. There were nine leases identified with expirations in 2022, including three active CMBS loans with $167.3 million in outstanding debt. The highest concentration of lease rollover is in 2024 with 23 leases scheduled to expire. Twenty-one of these properties secure active CMBS debt totaling $815 million. Classifying properties by lease expiration date, CRED iQ was further able to isolate properties with a Kohl\u2019s lease expiration as shown <em>Figure 1<\/em>.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"964\" height=\"609\" src=\"https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-23.png\" alt=\"\" class=\"wp-image-2030\" srcset=\"https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-23.png 964w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-23-300x190.png 300w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-23-768x485.png 768w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-23-696x440.png 696w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-23-150x95.png 150w\" sizes=\"auto, (max-width: 964px) 100vw, 964px\" \/><figcaption>Figure 1<\/figcaption><\/figure><\/div>\n\n\n\n<p>CRED iQ identified active CMBS exposure to Kohl\u2019s as a tenant, which totaled approximately $5 billion in outstanding mortgage debt secured by 172 properties with Kohl\u2019s as a leased tenant or shadow anchor. There were 13 properties with Kohl\u2019s exposure, totaling $539.9 million, that were in special servicing and in need of workout. Eight of those properties were REO and had outstanding debt of $310.5 million. <a href=\"https:\/\/cred-iq.com\/browse\/Property\/Retail\/155%20Dorset%20Street-South%20Burlington-VT-05403\/lbcmt2007c38001930897818\" target=\"_blank\" rel=\"noreferrer noopener\">University Mall<\/a> in Burlington, VT is the largest REO property by outstanding debt amount with $92 million in unpaid principal balance. Kohl\u2019s leases 86,605 sf, equal to 14% of the property\u2019s NRA, pursuant to lease that expires in February 2024. As of February 2022, University Mall was under contract to be sold.<\/p>\n\n\n\n<p>The implications of near-term lease expirations coupled with initiatives by Kohl\u2019s to reduce store layout sizes could have negative impacts on CMBS collateral if the tenant opts to downsize or move to a more favorable and strategic location.<\/p>\n\n\n\n<p>Furthermore, sale-leaseback transactions have the possibility of converting complimentary retail space into competitive space for smaller shadow-anchored retail centers. Monitoring the various scenarios may be a complicated endeavor, but still not as complicated as figuring out how to use Kohl\u2019s Cash (it\u2019s probably expired).<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"505\" src=\"https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-25-1024x505.png\" alt=\"\" class=\"wp-image-2035\" srcset=\"https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-25-1024x505.png 1024w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-25-324x160.png 324w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-25-300x148.png 300w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-25-768x379.png 768w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-25-696x343.png 696w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-25-150x74.png 150w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-25-1068x526.png 1068w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-25.png 1120w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p>For a copy of a comprehensive list of properties with exposure to Kohl\u2019s \u2014 including CMBS exposure, please reach out to Shane Beeson (<a href=\"mailto:shane@cred-iq.com\">shane@cred-iq.com<\/a>) or click the link below.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-shadow\"><a class=\"wp-block-button__link has-vivid-green-cyan-background-color has-background\" href=\"https:\/\/cred-iq.com\/browse?ts=Kohl%27s\" target=\"_blank\" rel=\"noreferrer noopener\">Explore Kohl&#8217;s CMBS Exposure<\/a><\/div>\n<\/div>\n\n\n\n<p>The list includes:<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\"><li>a comprehensive list of 230 property records with Kohl\u2019s exposure, including lease size and lease expiration date<\/li><li>all CMBS exposure to Kohl\u2019s, including shadow anchored properties and<\/li><li>a complete list of all Kohl\u2019s locations in the US (1,164 locations)<\/li><\/ol>\n\n\n\n<p>This week\u2019s <a href=\"https:\/\/cred-iq.com\/blog\/index.php\/category\/research\/valuation-updates\/\" data-type=\"URL\" data-id=\"https:\/\/cred-iq.com\/blog\/index.php\/category\/research\/valuation-updates\/\" target=\"_blank\" rel=\"noreferrer noopener\">WAR Report<\/a> focuses specifically on a few notable properties with Kohl\u2019s exposure, including distressed regional malls. The third property is a freestanding single-tenant property in Tallahassee, FL that is leased to Kohl\u2019s but went dark when the tenant vacated. CRED iQ provided updated real-time valuations for each of the properties.<\/p>\n\n\n\n<p>CRED iQ valuations factor in a base-case (most likely), a downside (significant loss of tenants or 50% reduction in rent), and dark scenarios (100% vacant). For full access to the valuation reports as well as full CMBS loan reporting, with detailed financials, updated tenant information, and borrower contact information, sign up for a free trial <a href=\"https:\/\/cred-iq.com\/subscribe\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<p class=\"has-large-font-size\"><strong>Kitsap Mall<\/strong><\/p>\n\n\n\n<p><strong>715,255 sf, Regional Mall, Silverdale, WA<\/strong>\u00a0 [<a href=\"https:\/\/cred-iq.com\/browse\/Property\/Retail\/10315%20Silverdale%20Way-Silverdale-WA-98383\/wfrbs2013c1550011988877416\" target=\"_blank\" rel=\"noreferrer noopener\">View Details<\/a>]<\/p>\n\n\n\n<p>Kohl\u2019s operates a 76,145-sf store at Kitsap Mall, a REO regional mall in Silverdale, WA with $74 million in outstanding debt. Kohl\u2019s owns its improvements, located on the north side of the mall adjacent to JCPenney. The entire mall, including Kohl\u2019s, measures approximately 715,255 sf in size. Only about 533,480 sf of the space is the portion that was foreclosed on in December 2021. The REO portion of the mall was formerly owned by Starwood Retail Partners. CRED iQ previously featured Starwood-affiliated malls in its <a href=\"https:\/\/cred-iq.com\/blog\/index.php\/2022\/03\/08\/starwood-mall-portfolio-gsms-2018-srp5\/\" target=\"_blank\" rel=\"noreferrer noopener\">March 8, 2022 WAR Report<\/a>, which also mentioned Kitsap Mall as a comp for the <a href=\"https:\/\/cred-iq.com\/browse\/Property\/Retail\/625%20BLACK%20LAKE%20BOULEVARD%20SOUTHWEST%20AND%202341%204TH%20AVENUE%20WEST-Olympia-WA-98502\/gsms2018srp51004170877428\" target=\"_blank\" rel=\"noreferrer noopener\">Capital Mall<\/a> located in Olympia, WA.<\/p>\n\n\n\n<p>CW Capital is the appointed special servicer for the Kitsap Mall and has indicated plans to stabilize in-line occupancy and improve operations. The mall will need to be sold out of the CMBS trust at some point in the future. Kohl\u2019s could potentially exit this location through a sale-leaseback; although the central location to Silverdale\u2019s retail corridor may be the best option for the retailer if it wants to remain in the market. The nearest Kohl\u2019s is located approximately 30 miles south in Gig Harbor, WA. For the full valuation report and property-level details, click <a href=\"https:\/\/cred-iq.com\/browse\/Property\/Retail\/10315%20Silverdale%20Way-Silverdale-WA-98383\/wfrbs2013c1550011988877416\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"433\" height=\"372\" src=\"https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-20.png\" alt=\"\" class=\"wp-image-2027\" title=\"WFRBS 2013-C15 - Kitsap Mall\" srcset=\"https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-20.png 433w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-20-300x258.png 300w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-20-150x129.png 150w\" sizes=\"auto, (max-width: 433px) 100vw, 433px\" \/><\/figure><\/div>\n\n\n\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td><strong>Property Name<\/strong><\/td><td><a href=\"https:\/\/cred-iq.com\/browse\/Property\/Retail\/10315%20Silverdale%20Way-Silverdale-WA-98383\/wfrbs2013c1550011988877416\" data-type=\"URL\" data-id=\"https:\/\/cred-iq.com\/browse\/Property\/Retail\/10315%20Silverdale%20Way-Silverdale-WA-98383\/wfrbs2013c1550011988877416\">Kitsa<\/a><a href=\"https:\/\/cred-iq.com\/browse\/Property\/Retail\/10315%20Silverdale%20Way-Silverdale-WA-98383\/wfrbs2013c1550011988877416\" data-type=\"URL\" data-id=\"https:\/\/cred-iq.com\/browse\/Property\/Retail\/10315%20Silverdale%20Way-Silverdale-WA-98383\/wfrbs2013c1550011988877416\" target=\"_blank\" rel=\"noreferrer noopener\">p<\/a><a href=\"https:\/\/cred-iq.com\/browse\/Property\/Retail\/10315%20Silverdale%20Way-Silverdale-WA-98383\/wfrbs2013c1550011988877416\" data-type=\"URL\" data-id=\"https:\/\/cred-iq.com\/browse\/Property\/Retail\/10315%20Silverdale%20Way-Silverdale-WA-98383\/wfrbs2013c1550011988877416\"> Mall<\/a><\/td><\/tr><tr><td><strong>Address<\/strong><\/td><td><sup>10315 Silverdale Way<br>Silverdale, WA 98383<\/sup><\/td><\/tr><tr><td><strong>Outstanding Balance<\/strong><\/td><td>$74,008,758<\/td><\/tr><tr><td><strong>Collateral Size<\/strong><\/td><td>533,480 sf<\/td><\/tr><tr><td><strong>Kohl&#8217;s Size<\/strong><\/td><td>76,145 sf<\/td><\/tr><tr><td><strong>Kohl&#8217;s Lease Expiration<\/strong><\/td><td>Owned &#8211; Non-Collateral<\/td><\/tr><tr><td><strong>Most Recent Appraisal<\/strong><\/td><td>$32,000,000 ($60\/sf)<\/td><\/tr><tr><td><strong>Most Recent Appraisal Date<\/strong><\/td><td>10\/5\/2021<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-large-font-size\"><strong>Indiana Mall<\/strong><\/p>\n\n\n\n<p><strong>457,199 sf, Regional Mall, Indiana, PA<\/strong>&nbsp; [<a href=\"https:\/\/cred-iq.com\/browse\/Property\/Retail\/2334%20Oakland%20Avenue-Indiana-PA-15701\/gsms2013gcj1420001660317066\" target=\"_blank\" rel=\"noreferrer noopener\">View Details<\/a>]<\/p>\n\n\n\n<p>Kohl\u2019s leases 40,516 sf at Indiana Mall, located approximately 50 miles east of Pittsburgh, PA. Similar to Kitsap Mall, the Indiana Mall is REO. LNR Securities foreclosed on the property in May 2021 and subsequently sold the asset via auction in March 2022. If the auction\u2019s final bid is accepted, a sale of the property could close within 60 days.<\/p>\n\n\n\n<p>Kohl\u2019s operates pursuant to a lease that expires in January 2031. The retailer\u2019s store layout at Indiana Mall is the smallest in CRED iQ\u2019s database and likely aligns with the company\u2019s initiatives for smaller store formats. However, the mall was only 49% occupied as of January 2022. Sales performance for Kohl\u2019s is unavailable for this location, but there appears to be little benefit to the store\u2019s attachment to a struggling mall in need of major redevelopment. For the full valuation report and property-level details, click <a href=\"https:\/\/cred-iq.com\/browse\/Property\/Retail\/2334%20Oakland%20Avenue-Indiana-PA-15701\/gsms2013gcj1420001660317066\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"397\" height=\"352\" src=\"https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-19.png\" alt=\"\" class=\"wp-image-2026\" title=\"Indiana Mall - GSMS 2013-GC14\" srcset=\"https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-19.png 397w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-19-300x266.png 300w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-19-150x133.png 150w\" sizes=\"auto, (max-width: 397px) 100vw, 397px\" \/><\/figure><\/div>\n\n\n\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td><strong>Property Name<\/strong><\/td><td><a href=\"https:\/\/cred-iq.com\/browse\/Property\/Retail\/2334%20Oakland%20Avenue-Indiana-PA-15701\/gsms2013gcj1420001660317066\" data-type=\"URL\" target=\"_blank\" rel=\"noreferrer noopener\">Indiana Mall<\/a><\/td><\/tr><tr><td><strong>Address<\/strong><\/td><td><sup>2334 Oakland Avenue<br>Indiana, PA 15701<\/sup><\/td><\/tr><tr><td><strong>Outstanding Balance<\/strong><\/td><td>$12,176,005<\/td><\/tr><tr><td><strong>Collateral Size<\/strong><\/td><td>457,199 sf<\/td><\/tr><tr><td><strong>Kohl&#8217;s Size<\/strong><\/td><td>40,516 sf<\/td><\/tr><tr><td><strong>Kohl&#8217;s Lease Expiration<\/strong><\/td><td>1\/31\/2031<\/td><\/tr><tr><td><strong>Most Recent Appraisal<\/strong><\/td><td>$4,300,000 ($9\/sf)<\/td><\/tr><tr><td><strong>Most Recent Appraisal Date<\/strong><\/td><td>10\/6\/2021<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-large-font-size\"><strong>Kohl\u2019s &#8211; Tallahassee, FL<\/strong><\/p>\n\n\n\n<p><strong>100,000 sf, Freestanding Retail, Tallahassee, FL<\/strong>\u00a0 [<a href=\"https:\/\/cred-iq.com\/browse\/Property\/Retail\/6785%20THOMASVILLE%20ROAD-Tallahassee-FL-32312\/cgcmt2015gc31400011245241051\" target=\"_blank\" rel=\"noreferrer noopener\">View Details<\/a>]<\/p>\n\n\n\n<p>Kohl\u2019s leases 100,000 sf in this freestanding retail building at 6785 Thomasville Road in Tallahassee, FL. Kohl\u2019s vacated the property in 2016, but has been honoring the lease, which expires in January 2029. Kohl\u2019s appears to be paying approximately $6.10 per sf in rent under a NNN lease. Servicer commentary for the loan indicates that Kohl\u2019s is in the process of sub-leasing the space and has engaged Colliers to facilitate a deal. The listing can be found <a href=\"https:\/\/www.colliers.com\/en\/properties\/1030%C2%B1-improved-parcel-for-sale\/usa-6785-thomasville-road-tallahassee-fl-32312\/usa1028125\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>. Kohl\u2019s operates a more favorable location in Tallahassee at <a href=\"https:\/\/cred-iq.com\/browse\/Property\/Retail\/2010%20Apalachee%20Pkwy.-Tallahassee-FL-32301\/msbam2013c7180081391781838\" target=\"_blank\" rel=\"noreferrer noopener\">2010 Apalachee Parkway<\/a>, nearby the Governor\u2019s Square Mall. Despite Kohl\u2019s commitment to its lease obligation at the Thomasville Road location, the mortgage secured by the property has a maturity date in June 2025. The presence of a dark building could cause complications in refinancing the debt. For the full valuation report and property-level details, click <a href=\"https:\/\/cred-iq.com\/browse\/Property\/Retail\/6785%20THOMASVILLE%20ROAD-Tallahassee-FL-32312\/cgcmt2015gc31400011245241051\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td><strong>Property Name<\/strong><\/td><td><a href=\"https:\/\/cred-iq.com\/browse\/Property\/Retail\/6785%20THOMASVILLE%20ROAD-Tallahassee-FL-32312\/cgcmt2015gc31400011245241051\" data-type=\"URL\" data-id=\"https:\/\/cred-iq.com\/browse\/Property\/Retail\/6785%20THOMASVILLE%20ROAD-Tallahassee-FL-32312\/cgcmt2015gc31400011245241051\" target=\"_blank\" rel=\"noreferrer noopener\">Kohl&#8217;s Tallahassee FL<\/a><\/td><\/tr><tr><td><strong>Address<\/strong><\/td><td><sup>6785 Thomasville Road<br>Tallahassee, FL 32312<\/sup><\/td><\/tr><tr><td><strong>Outstanding Balance<\/strong><\/td><td>$3,280,489<\/td><\/tr><tr><td><strong>Collateral Size<\/strong><\/td><td>100,000 sf<\/td><\/tr><tr><td><strong>Kohl&#8217;s Size<\/strong><\/td><td>100,000 sf (Dark)<\/td><\/tr><tr><td><strong>Kohl&#8217;s Lease Expiration<\/strong><\/td><td>1\/31\/2029<\/td><\/tr><tr><td><strong>Most Recent Appraisal<\/strong><\/td><td>$5,900,000 ($59\/sf)<\/td><\/tr><tr><td><strong>Most Recent Appraisal Date<\/strong><\/td><td>2\/7\/2015<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"425\" height=\"362\" src=\"https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-18.png\" alt=\"\" class=\"wp-image-2025\" title=\"CGCMT 2015-GC31 - Kohl's Tallahassee FL\" srcset=\"https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-18.png 425w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-18-300x256.png 300w, https:\/\/cred-iq.com\/blog\/wp-content\/uploads\/2022\/03\/image-18-150x128.png 150w\" sizes=\"auto, (max-width: 425px) 100vw, 425px\" \/><\/figure><\/div>\n\n\n\n<p style=\"font-size:20px\"><strong>For full access to our loan database and valuation platform, sign up for a free trial below:<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-shadow\"><a class=\"wp-block-button__link has-vivid-purple-background-color has-background\" href=\"https:\/\/cred-iq.atlassian.net\/servicedesk\/customer\/portal\/2\/create\/19\" target=\"_blank\" rel=\"noreferrer noopener\">Start A Free 7-Day Trial<\/a><\/div>\n<\/div>\n\n\n\n<p><strong>About CRED iQ<\/strong><\/p>\n\n\n\n<p>CRED iQ is a commercial real estate data, analytics, and valuation platform providing actionable intelligence to CRE and capital markets investors. Subscribers to CRED iQ use the platform to identify valuable leads for leasing, lending, refinancing, distressed debt, and acquisition opportunities. Our data platform is powered by over $2.0 trillion of CMBS, CRE CLO, SBLL, Ginnie Mae, FHA\/HUD, and Freddie Mac loan and property data.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways: Kohl\u2019s plans to open smaller stores and transition away from department store format The highest concentration of Kohl\u2019s lease expirations occurs in 2024 impacting $815 million in CMBS debt CMBS exposure to Kohl\u2019s totals approximately $5 billion Speculation surrounding Kohl\u2019s and its future as a public company has been active during Q1 2022. [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":2032,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[9,11],"tags":[4,5,85,57,67,10],"class_list":{"0":"post-2024","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-research","8":"category-valuation-updates","9":"tag-cmbs","10":"tag-commercial-real-estate-data","11":"tag-kohls","12":"tag-lease-expirations","13":"tag-retail","14":"tag-valuation"},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/posts\/2024","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/comments?post=2024"}],"version-history":[{"count":0,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/posts\/2024\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/media\/2032"}],"wp:attachment":[{"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/media?parent=2024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/categories?post=2024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cred-iq.com\/blog\/wp-json\/wp\/v2\/tags?post=2024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}