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National  + Retail  |  January 11, 2018
Dennis Kaiser
By: Dennis Kaiser

How Will Latest Sears, Kmart Closings Affect CMBS?

Connect Retail West is set for January 25th at the Hurley Surf Club Pacific City in Huntington Beach, CA. Here’s where to get more information and register.

The latest round of retail closures by Sears Holdings Corp. could adversely affect roughly $302.5 million of loans in eight commercial mortgage-backed securities (CMBS), reports Morningstar. The Hoffman Estates, IL-based retailer said it plans to shutter 64 Kmart and 39 Sears stores this spring.

Among those 103 stores, Morningstar Credit Ratings found a total of 16 CMBS loans with a balance of $671.1 million.

Notably, Sears will be the second anchor closing at two locations, the Bangor Mall in Maine, which is already specially serviced, and the Hanford Mall in California. With the loss of multiple anchors, Morningstar warns that these properties could begin to lose in-line tenants if the anchor boxes are not backfilled.

Morningstar also notes, Sears has 305 locations backing 195 CMBS loans with an aggregate allocated principal balance of $12.68 billion.

Download more at Morningstar


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Inside The Story

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.
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