JC Penney Store Closings

Bloomberg had an article regarding JC Penney closures and their impact on CMBS out last week. It noted that JC Penney is the biggest tenant in the CMBS market (is this accurate?) and the move highlights the "widening chasm" between successful malls and dying malls.

JCP Closing 33 Stores

According to the WSJ, JCP is closing 33 Stores. I'll update this entry with CMBS exposures if/when I get a chance.

State	City	Shopping Center
AL	Selma	Selma Mall
CA	Rancho Cucamonga	Arrow Plaza
CO	Colorado Springs	Chapel Hills Mall
CT	Meriden	Meriden Square
FL	Leesburg	Lake Square Mall
FL	Port Richey	Gulf View Square
IA	Muscatine	Muscatine Mall
IL	Bloomingdale	Stratford Square Mall
IL	Forsyth	Hickory Point Mall
IN	Marion	Five Points Mall
IN	Warsaw	Marketplace Shopping Center
MD	Salisbury	The Centre at Salisbury
MI	Marquette	Westwood Plaza
MN	Worthington	Northland Mall
MS	Gautier	Singing River Mall
MS	Natchez	Natchez Mall
MT	Butte	Butte Plaza Shopping Center
MT	Cut Bank	(N/A)
NC	Kinston	Vernon Park Mall
NJ	Burlington	Burlington Center
NJ	Phillipsburg	Phillipsburg Mall
OH	Wooster	Wayne Towne Plaza
PA	Exton	Exton Square Mall
PA	Hazleton	Laurel Mall
PA	Washington	Washington Mall
TN	Chattanooga	Northgate Mall
VA	Bristol	Bristol Mall
VA	Norfolk	Military Circle Mall
WI	Fond Du Lac	Forest Mall
WI	Janesville	Janesville Mall
WI	Rhinelander	Lincoln Plaza Center
WI	Rice Lake	Cedar Mall
WI	Wausau	Wausau Mall

*UPDATE*
Deal Exposures:

Shopping Center	Deal	Loan PCT Deal
Military Circle Mall	GMACC 2004-C2	9.80%
The Centre at Salisbury	JPMCC 2006-LDP7	3.70%
Hickory Point Mall	BSCMS 2006-PW11	1.90%
Laurel Mall	BSCMS 2007-PW17	1.70%
Wausau Mall	WFRBS 2011-C4	1.30%
Marketplace Shopping Center	CGCMT 2004-C2	0.90%
Bristol Mall	BACM 2006-5	0.90%
Wayne Towne Plaza	MSC 2007-IQ15	0.60%
Natchez Mall	CGCMT 2006-C4	0.50%
Lincoln Plaza Center	GSMS 2006-GG6	0.10%

Source: Credit Suisse.

CRE Fundamentals

Wells posted their CRE Chartbook a few weeks ago (you can request it, and other reports via wellsfargo.com/economics), which contains an amalgamation of a number of useful charts and data from various sources. They also have some summary commentary on each sector. I pulled out a few interesting charts below:

CMBS is a dwindling piece of the pie, losing 1.7% net issuance during the 3rd Quarter 2012, although GSE deals gained ground.

There are still some problems to get worked out... This chart shows the status of all CRE loans, not just CMBS.

Delinquencies have improved dramatically. (Also all CRE)

Retail prices seem lofty, perhaps JCP should re-evaluate a REIT conversion.