BSCMS 2006-PWR13: 40% occupancy can be a problem

Transaction: BSCM 2006-PWR13
Property: Brandywine Mixed Use
City/State: Wilmington, DE
Property Type: Retail
Balance: $26,250,000
Percentage of Deal: 1.23%
Maturity Date: July 1, 2016
MS: Wells Fargo
SS: Situs Holdings, LLC
Reason for Transfer: Imminent Monetary Default
On Servicer Watchlist Prior to Transfer: Yes; 12/4/14
Previously in Special Servicing: No
Previously Modified: No

Here's the watchlist comment:

Subject property is a 165,575 sf mix-use retail property located in Wilmington, DE built in 1997. UW NCF DSCR was 1.31x with 96.10% occupancy. 6/12/2015 As of June 1, 2015, the property was 40% occupancy. Per Borrower's contact, the property is being marketed through Acadia's internal leasing group and listed the vacancies with local representation equipped for office and non-conforming, non-retail uses.  Borrower is considering not only single users but also smaller format tenants in the 14,000 - 25,000 square foot range which would require the space to be divided. Borrower blasts this to over 7,000 contacts internally and externally.  They do email marketing to a focused local list of brokers as well as to a wider group of national tenants as well as marketing during International Council of Shopping Center (ICSC) events. 6/5/2015 1Q 2015 NCF DSCR = 1.25x at 86% occupancy. Reached out to Borrower for updates on the vacancies. Tenant Access Group should have vacated at lease expiration and if it hasn't been leased up, the properties occupancy may have declinded to 40%. Also, requested from the Borrower to update their rent roll as it still includes the Halloween Store that no longer occupies the premises. 3/5/2015 YE 2014 NCF DSCR = 1.41x at 86% occupancy. Borrower's contact indicates the Halloween store remains vacant and the tenant Access Group that expires in May will not be renewing. They are actively marketing both spaces, but not prospects at this time. Will keep us updated if there are movements. 12/4/2014 3Q 2014 NCF DSCR = 1.40x at 98% occupancy. Largest tenant Access Group occupies 76,458 sf (46% NRA)  to expire 5/31/2015. Reached out to Borrower's contact for leasing updates along with tenant, Halloween City who was only seasonal. What are the marketing plans for the vacancies. Awaiting for response.