UPDATED: ON THE BRINK: 15 Real Estate Firms Going, Going...

Frozen Credit Markets Put Survival in Doubt for More Than a Dozen Property Holding Companies..................................Just how tough a year 2008 was on property investment companies is evident in the fact that accountants for at least 15 firms issued "going concern" doubts in their year-end annual reports filed with the U.S. Securities & Exchange Commission. The distressed companies' holdings include controlling or managing interests in at least 618 shopping centers with 230.5 million square feet of space, more than 800 hotels/resorts/casinos with more than 122,000 rooms, 36 office properties totaling 4.8 million square feet and 33 multifamily complexes with more than 2,280 units. CoStar Group, Inc. has reported widely on the problems of many of the firms, including Centro Properties Group and General Growth Properties (NYSE: GGP). Others, such as Prime Group Realty (NYSE: PGE-PB), Meruelo Maddox Properties, Lodgian Inc. (AMEX: LGN) and Interstate Hotels & Resorts, have not received widespread media coverage.
(EDITOR'S NOTE:We updated the section of this story pertaining to Prime Group Realty Trust. The previous version incorrectly reported that the going concern opinion related to Prime Group's office operations. This version contains the corrected text showing that the going concern opinion relates to Prime Group's investment in Extended Stay Inc.)
Liquidity and debt issues are primary issues raising the most doubt about the companies' survival. The companies either do not have enough cash on hand or don't have the ability to raise new money to meet their debt obligations. Or, the companies are having trouble refinancing maturing debt. Four of the companies have already sought respite from their most pressing problems through the U.S. bankruptcy courts: General Growth Properties, which filed just this past week, ILX Resorts, Meruelo Maddox Properties and Trump Entertainment Resorts. In the case of Trump Entertainment, the legendary and bombastic investor Donald Trump has even relinquished control over the Atlantic City casino operator. The following summaries of the 15 firms' property holdings were compiled from the firms' annual reports, identifying their most pressing problems and the primary steps they are taking to address the issues.
Centro NP LLCCentro NP, based in New York, NY, owns 203 retail properties in 28 states, and operates another 257 held through unconsolidated joint ventures. The 460 properties include 445 community and neighborhood shopping centers with 71.2 million square feet of space, and 15 related retail assets with approximately 1.3 million square feet. There is substantial doubt about the company's ability to continue as a going concern given its liquidity issues, which includes its ability to negotiate extensions of credit; current prohibition upon its ability to take on more debt and restrictions on operations that increase the risk of default. In addition, uncertainty also exists due to the liquidity issues currently experienced by the company's ultimate parent investors in Sydney, Australia, Centro Properties Ltd. and Centro Property Trust. The company recently received an extension of its major debt facilities to Dec. 31, 2010, which it said provides more time to consider a range of different plans. Still during 2009, Centro has $188.5 million of mortgage debt scheduled to mature, $19.3 million of scheduled mortgage amortization payments and a $9.4 million required loan paydown. If principal payments on debt due at maturity cannot be refinanced, extended or paid, it will be in default under its debt obligations and may be forced to dispose of properties on disadvantageous terms. Such defaults could in turn cause additional defaults. In addition, Centro NP is no longer permitted to make draws under its primary lending agreements and may not be able to repay or refinance its short-term debt obligations coming due. Management is working with its lenders to assess a number of options that address the company's ongoing liquidity issues. As of Dec. 31, 2008, Centro NP's breakdown of properties is as follows. State - # of Properties - SqFt Alabama - 8 - 1,623,436 Arizona - 5 - 804,791 Arkansas - 1 - 129,897 California - 14 - 2,256,369 Colorado - 6 - 1,484,159 Connecticut - 14 - 2,156,605 Florida - 40 - 6,742,800 Georgia - 36 - 5,024,416 Illinois - 14 - 2,592,789 Indiana - 12 - 1,885,624 Iowa - 2 - 510,173 Kansas - 2 - 267,486 Kentucky - 15 - 2,930,637 Louisiana - 4 - 624,850 Maine - 2 - 274,026 Maryland - 2 - 243,568 Massachusetts - 6 - 739,334 Michigan - 23 - 3,669,205 Minnesota - 7 - 1,021,806 Mississippi - 3 - 279,869 Missouri - 3 - 446,948 Nevada - 5 - 826,513 New Hampshire - 3 - 369,385 New Jersey - 8 - 928,624 New Mexico - 2 - 176,712 New York - 24 - 4,164,067 North Carolina - 17 - 2,744,833 Ohio - 34 - 6,326,568 Oklahoma - 2 - 481,464 Pennsylvania - 14 - 2,841,358 Rhode Island - 1 - 148,126 South Carolina - 7 - 1,215,471 Tennessee - 19 - 3,486,817 Texas - 82 - 10,470,648 Virginia - 14 - 1,806,953 Vermont - 1 - 224,514 West Virginia - 3 - 357,606 Wisconsin - 4 - 646,244 Wyoming - 1 - 155,022
Davidson Diversified Real Estate III LPDavidson Diversified Real Estate III is an affiliate of AIMCO Properties in Denver, CO. The partnership owns the Plainview Apartments, a 480-unit complex in Louisville, KY. The property is subject to a first mortgage of $15.34 million at a 9.33% interest rate. In addition, as of Dec. 31, the partnership was in the hole to AIMCO Properties for about $6.88 million in advances and interest payments. According to its accounting firm Ernst & Young, the partnership has recurring operating losses and an accumulated deficit. Management is evaluating its options relative to the payment demand by an affiliate of AIMCO. Options include refinancing its debt and/or selling the property prior to maturity in November 2010.
Excellency Investment Realty Trust Inc.Excellency Investment Realty Trust in New York City, owns eight residential real estate properties with 271 apartment units all in Hartford, CT. As of Dec. 31, the properties' occupancy rate was approximately 90.4%. The company has suffered recurring losses from operations. During 2008, it had a net loss of $.17 million and had a net accumulated deficit of $16.9 million. Management is hoping to raise capital through any combination of debt and equity financing. Its properties are as follows. Property Address - Mortgage Amount - Monthly P&I 154-160A Collins St. - $1,251,112 - $7,507 21 Evergreen Ave. - $675,447 - $4,053 243 & 255 Laurel St. - $1,082,250 - $6,493 252 Laurel St. - $560,314 - $3,362 270 Laurel St. - $1,918,883 - $11,513 360 Laurel St. - $567,989 - $3,408 117-145 S. Marshall St. - $1,373,920 - $8,243 56 Webster St. - $460,531 - $2,763 Total: - $7,890,446 - $47,342
FX Real Estate and Entertainment Inc.FX Real Estate and Entertainment owns Las Vegas property made up of six contiguous parcels aggregating 17.72 acres on the southeast corner of Las Vegas Boulevard (the Strip) and Harmon Avenue. The parcel is zoned to allow for casino gaming and can support a variety of development alternatives including hotels/resorts, entertainment venues, a casino, condominiums, hotel-condominiums, residences and retail establishments. The Las Vegas property is currently occupied by a motel and several commercial and retail tenants with a mix of short- and long-term leases. The Las Vegas property’s generated total revenue of $19.5 million in 2008. The company is in severe financial distress and its current cash flow and cash on hand as of March 27, were not sufficient to fund its past due obligations or short-term liquidity. It is currently in default under a $475 million mortgage loan and its lenders could foreclose at any time. The company has engaged in preliminary discussions with its first lien and second lien lenders regarding potential solutions. In the meantime, it continues its current commercial leasing activities for the properties.
General Growth PropertiesThis past week, U.S. mall REIT General Growth Properties as well as 158 of its 200 malls filed for Chapter 11 bankruptcy protection. GGP's third-party management businesses, as well as its joint ventures, have not filed for protection. The REIT made the decision to file after its extensive efforts to refinance or extend its overwhelming debt burden proved futile. For more background on its debt predicament, click here. GGP said day-to-day operations of its shopping centers will continue as usual during the bankruptcy process. GGP signed a commitment letter for Pershing Square Capital Management to provide debtor-in-possession (DIP) financing of $375 million (at an interest rate of 12%+ LIBOR) that GGP will utilize to continue operations while in bankruptcy. During the bankruptcy process, GGP will continue to pursue "strategic alternatives and search the markets for available sources of capital." The REIT has been marketing several of its Class A mall properties for sale (in Las Vegas and the Northeast) for months now. No deal has yet to surface. GGP intends to execute a reorganization plan that extends its mortgage maturities and reduces its corporate debt and overall leverage. The company expects to "emerge from bankruptcy as quickly as possible" with its national business model in tact. GGP listed $29.6 billion in assets and $27.3 billion in debts in its filing. The company hired Weil, Gotshal & Manges LLP as attorneys handling its bankruptcy, while Kirkland & Ellis LLP was hired as co-counsel to certain subsidiary debtors. General Growth has published a list of its properties in bankruptcy at http://www.ggp.com/company/Default.aspx?id=101. (By: Sasha M Pardy)
ILX Resorts Inc.ILX Resorts in Phoenix, AZ, develops, markets and operates timeshare resorts in the western United States. The company’s current portfolio of resorts consists of seven resorts. The company also holds 2,241 weeks at the Carriage House in Las Vegas, 174 weeks at the Scottsdale Camelback Resort in Scottsdale and 194 weeks in the Roundhouse Resort in Pinetop, AZ. ILX Resorts and 15 of its subsidiaries filed voluntary petitions to reorganize in the U.S. Bankruptcy Court for the District of Arizona last month. During 2008, the company sold 1,342 annual and biennial vacation ownership interests, compared to 1,561 during 2007. The average sales price was $15,606 for an annual interest and $8,935 for a biennial interest. As of Dec. 31, the company had an existing inventory of 7,873 unsold interests. Resort - Location Los Abrigados Resort & Spa - Sedona, AZ The Inn at Los Abrigados - Sedona, AZ Kohl’s Ranch Lodge - Payson, AZ The Historic Crag’s Lodge at the Golden Eagle Resort - Estes Park, CO Sea of Cortez Premiere Vacation Club - San Carlos, Mexico Premiere Vacation Club at Bell Rock - Village of Oak Creek, AZ Rancho Mañana Resort - Cave Creek, AZ Premiere Vacation Club at the Roundhouse Resort - VCA-South Bend - South Bend, IN VCA-Tucson - Tucson, AZ Los Abrigados Lodge - Sedona, AZ As part of its Chapter 11 proceedings, IXL rejected its long-term lease of the Los Abrigados Lodge.
Interstate Hotels & Resorts Inc.Interstate Hotels & Resorts in Arlington, VA, manages 226 hotel properties with 46,448 rooms and six ancillary service centers (a convention center, a spa facility, two restaurants and two laundry centers), in 37 states and the District of Columbia in the U.S. and in Russia, Mexico, Canada, Belgium and Ireland. Of its managed properties, it owns even with 2,051 rooms and held non-controlling equity interests in 18 joint ventures, which owned or held ownership interests in 50 of its managed properties. Last month, Interstate Hotels was suspended from trading on the New York Stock Exchange and faces potential delisting. The company's senior secured credit facility includes a debt covenant requiring continued listing on the NYSE. If that happens, its lenders could demand immediate repayment of all outstanding debt. KPMG LLP, its accounting firm stated that uncertainty exists as to whether the company would have the ability to generate liquidity to meet that obligation. At year-end, Interstate Hotels had an outstanding debt balance of $244.28 million. The majority of that debt matures in March of next year. In addition to that complication, there is uncertainty as to whether it will meet one of the financial debt covenants regarding its total leverage ratio for its fourth quarter 2009 calculation period. Interstate has already begun discussions with its lenders to amend the terms of the Credit Facility Including extending the maturity date and adjusting the above-mentioned covenants The company said it believes it will have sufficient liquidity from cash on hand and cash from operations to fund its operating needs in 2009. Wholly-Owned Properties - Guest Rooms Hilton Concord, East Bay area near San Francisco, CA - 331 Hilton Durham, Durham, NC - 195 Hilton Garden Inn Baton Rouge, Baton Rouge, LA - 131 Hilton Arlington, Arlington, TX - 308 Hilton Houston Westchase, Houston, TX - 297 Westin Atlanta Airport, Atlanta, GA - 500 Sheraton Columbia, Columbia, MD - 289
Lodgian Inc.Atlanta-based hotel operator Lodgian owns and operates nearly 7,600 hotel rooms in 41 properties under management. The company lists 35 hotels as continuing operations and six as held for sale. Lodgian has $128 million of outstanding mortgage debt scheduled to mature in July 2009. The current severe economic recession has hurt the company’s operating results, which has affected its operating cash flows as well as its ability to refinance the maturing debt. Lodgian is negotiating with prospective lenders and has hired Jones Lang LaSalle to facilitate the refinancing process. It is also negotiating to extend the maturing mortgage debt. In addition to the July 2009 maturity, the company has three other 2009 debt maturities that in the aggregate total approximately $169.5 million of mortgage debt. Each of these debt facilities has extension options of one to three years, and the company expects to exercise those extension options. For the year 2008, Lodgian lost $12 million compared to losing $8.4 million in 2007. Last year, Lodgian sold five hotels for gross proceeds of $25 million. Location - Brand - Rooms Bentonville, AR - Courtyard by Marriott - 90 Little Rock, AR - Residence Inn by Marriott - 96 Phoenix, AZ - Crowne Plaza - 295 Phoenix, AZ - Radisson - 159 Palm Desert, CA - Holiday Inn Express - 129 Denver, CO - Marriott - 238 Melbourne, FL - Crowne Plaza - 270 West Palm Beach, FL - Crowne Plaza - 219 Atlanta, GA - Courtyard by Marriott - 181 Ft. Wayne, IN - Hilton - 244 Florence, KY - Courtyard by Marriott - 78 Paducah, KY - Courtyard by Marriott - 100 Kenner, LA - Radisson - 244 Lafayette, LA - Courtyard by Marriott - 90 Dedham, MA - Residence Inn by Marriott - 81 Worcester, MA - Crowne Plaza - 243 Baltimore (BWI Airport), MD - Holiday Inn - 260 Baltimore (Inner Harbor), MD - Holiday Inn - 375 Columbia, MD - Hilton - 152 Silver Spring, MD - Crowne Plaza - 231 Pinehurst, NC - Springhill Suites by Marriott - 107 Merrimack, NH - Fairfield Inn by Marriott - 115 Santa Fe, NM - Holiday Inn - 130 Albany, NY - Crowne Plaza - 384 Strongsville, OH - Holiday Inn - 303 Tulsa, OK - Courtyard by Marriott - 122 Monroeville, PA - Holiday Inn - 187 Philadelphia, PA - Four Points by Sheraton - 190 Pittsburgh - Washington, PA - Holiday Inn - 138 Pittsburgh, PA - Crowne Plaza - 193 Hilton Head, SC - Holiday Inn - 202 Myrtle Beach, SC - Holiday Inn - 133 Abilene, TX - Courtyard by Marriott - 99 Dallas (DFW Airport), TX - Wyndham - 282 Houston, TX - Crowne Plaza - 294 Lodgian's Hotel Assets Held for Sale Phoenix, AZ - Holiday Inn - 144 East Hartford, CT - Holiday Inn - 130 Towson, MD - Holiday Inn - 139 Troy, MI - Hilton - 191 Memphis, TN - Independent - 105 Windsor, Ontario, Canada - Holiday Inn Select - 214
Meruelo Maddux PropertiesMeruelo Maddux Properties is one of Los Angeles' largest owner/developers of commercial properties. It owns 28 properties totaling 3.7 million square feet. It also has a development pipeline underway that includes seven multifamily projects totaling 995,000 square feet. The company has suspended construction of an additional 12 projects totaling 774,000 square feet. Meruelo Maddux has been experiencing significant, recurring cash shortfalls and last month it and numerous of its subsidiaries filed for relief under Chapter 11 in an effort to restructure its debt last month. Excluded from the filing is the company's 35-story 717 W. Ninth Street residential tower project currently under construction. Meruelo Maddux recorded a net loss in the fourth quarter of $85.8 million. This result was derived in large part from the decision to take $117.4 million of non-cash impairment charges in the fourth quarter. The company also stopped making interest and principal payments and therefore was in default on 26 of its 30 loans totaling $266 million. It has been seeking loan workout agreements with four lenders on loans that total approximately $177.8 million. Projects - Square Feet Commercial Projects 788 S Alameda - 33,984 Washington Cold Storage - 59,000 500 Mateo Street - 12,938 Meruelo Wall Street - 98,245 Washington at Central - 5,479 Southern California Institute of Architects - 81,741 Washington Produce Market - 31,876 905 E 8th Street - 28,200 3rd and Omar Street - 23,297 1919 Vineburn Ave. - 122,345 1500 Griffith Ave. - 50,058 4th Street Center - 14,472 Seventh Street Produce Market - 122,120 Alameda Square - 1,463,696 620 Gladys Ave. - 57,354 1000 E. Cesar Chavez - 50,373 306 North Avenue 21 - 80,712 Crown Commerce Center - 301,491 420 Boyd St. - 47,806 230 W. Ave. 26th - 67,671 5707 S. Alameda - 55,729 Santa Fe Plaza - 16,000 Barstow Produce Center - 261,750 1211 E. Washington Blvd. - 108,000 Residential Projects American Apartments - 13,550 Union Lofts - 81,609 Southpark Tower - Phase 2 - J Restaurant - 11,829 Center Village - 176,628 Pomona West - - 242,042
NNN 2003 Value Fund LLCNNN 2003 Value Fund based in Santa Ana, CA, holds interests in eight commercial office properties. Three of the properties are classified as held for sale and efforts are actively underway to market and sell these properties. Grubb & Ellis Realty Investors LLC manages the fund. As of year-end, the fund had guaranteed the payment of approximately $2.5 million of mortgage loans payable that mature in May 2009 related to one of its properties. Based on cash flow projections it currently does not have the ability to satisfy this guaranty if it becomes due and is actively marketing the property for sale. It anticipates the property will be sold this year but maybe not prior to maturity or that if it is sold, it will raise enough money to pay off the debt. The fund has initiated discussions with the lender regarding amending or extending the mortgage loan. Property - Property Location - (Sq Ft) Consolidated Properties: - - Executive Center I - Dallas, TX - 205,000 901 Civic Center - Santa Ana, CA - 99,000 Tiffany Square - Colorado Springs, CO - 184,000 Four Resource Square - Charlotte, NC - 152,000 The Sevens Building - St. Louis, MO - 197,000 Unconsolidated Properties: - - Executive Center II & III - Dallas, TX - 381,000 Enterprise Technology Center - Scotts Valley, CA - 369,000 Chase Tower - Austin, TX - 386,000 Totals - - 1,136,000
Extended Stay Inc. / Prime Group Realty TrustPrime Group Realty is a Chicago-based REIT that owns, manages, leases, develops and redevelops office and industrial real estate primarily in the Chicago metro area. Its portfolio consists of nine office properties, containing an aggregate of 3.5 million net rentable square feet. In 2005, an affiliate of The Lightstone Group LLC bought the basically all of the outstanding common shares of the company and its Operating Partnership. In its annual report Prime Group Realty reported receiving a "going concern" opinion from its auditors for BHAC Capital IV LLC, an entity that owns 100% of Extended Stay Inc. and in which Prime Group had invested $120 million in 2007. During fiscal year 2008, Prime Group recognized aggregate losses of $66 million (including a $5.6 million provision for asset impairment) related to that investment in Extended Stay, Extended Stay owns 552 extended-stay hotel properties in 43 U.S. states consisting of approximately 59,000 rooms and three hotels in operation in Canada consisting of 500 rooms. BHAC Capital's auditors issued a going concern opinion for BHAC due to recurring losses from Extended Stay operations, net working capital deficiency, members’ deficit, and inability to generate sufficient cash flow to meet its obligations and sustain its operations. Prime Group's auditors have not questioned Prime's ability to continue as a going concern and have not issued a going concern opinion as a result of their 2008 audit. Prime Group purchased the Extended Stay interest through a wholly owned subsidiary and financed the purchase with a non-recourse loan. Because of that the fact that Extended Stay auditors issued a going concern for that company does not affect the cash position of Prime Group. In addition, the aggregate losses of $66 million during 2008 did not affect the cash position of Prime Group.
Real Estate Associates Ltd.Real Estate Associates holds limited partnership interests in six multifamily entities controlled by AIMCO Properties in Denver, CO. The partnership continues to generate recurring operating losses. In addition, liabilities exceeded available cash at year-end. Available cash at year-end totaled just about $110,000. The partnership said it may seek operating advances from AIMCO or its affiliates but AIMCO is not obligated to fund such advances. Property - Location - Units Belleville Manor - Marion, KY - 32 Bethel Towers - - Detroit, MI - 146 Clinton Apts. - Clinton, KY - 24 Northwood Village - Emporia, VA - 72 W. Lafeyette Apts. - W. Lafeyette, OH - 49 Williamson Towers - Williamson, WV - 76
Real Estate Associates Ltd. VIIReal Estate Associates VII holds limited partnership interests in 11 multifamily entities controlled by AIMCO Properties in Denver, CO. The partnership is obligated for non-recourse notes of $6.32 million due to the sellers of some of its partnership interests, bearing interest at 9.5% to 10%. Total outstanding accrued interest at year-end was $14.13 million. Unpaid interest was due at maturity of the notes and the partnership has not repaid the notes and is in default. Management is attempting to negotiate extensions of the maturity dates on the three notes payable and not subject to a forbearance agreement. If the negotiations are unsuccessful, the Partnership could lose its investment in the Local Limited Partnerships to foreclosure. Property - Location - Units Aristocrat Manor - Hot Springs, AR - 101 Arkansas City Apts. - Arkansas City, AR - 16 Bellair Manor Apts. - Niles, OH - 68 Birch Manor Apts. I - Medina, OH - 60 Birch Manor Apts. II - Medina, OH - 60 Bluewater Apts. - Port Huron, MI - 116 Clarkwood Apts. I - Elyria, OH - 72 Clarkwood Apts. II - Elyria, OH - 120 Hampshire House - Warren, OH - 150 Ivywood Apts. - Columbus, OH - 124 Jasper County Prop. - Heidelberg, MS - 24 Nantucket Apts. - Alliance, OH - 60 Newton Apts. - Newton, MS - 36 Oak Hill Apts. - Franklin, PA - 120
Riviera Holdings Corp.Riviera Holdings owns and operates the Riviera Hotel & Casino on the Las Vegas Boulevard (the Strip) in Las Vegas, NV, and Riviera Black Hawk Casino, a limited-stakes casino in Black Hawk, CO. Riviera Las Vegas’ hotel is comprised of five towers with 2,075 guest rooms Including 177 suites. Its current debt consists of a 7-year, $225 million term loan that matures on June 8, 2014, and a $20 million 5-year revolving credit facility. In February, the company received a notice of default on its New Credit Facility from Wachovia Bank. In March, the company decided not to pay the accrued interest of approximately $4 million that was due March 30. It has entered into discussions with Wachovia to negotiate a waiver or forbearance regarding the debt and the anticipated payment default and an anticipated going concern default.
Trump Entertainment ResortsTrump Entertainment owns and operates three casino hotels in Atlantic City, NJ. In February, Trump Entertainment Resorts and some subsidiaries filed voluntary petitions for Chapter 11 restructuring in the U.S. Bankruptcy Court for the District of New Jersey. The filing constituted an event of default on $1.25 billion 8.5% senior secured notes and on $493 million on a senior secured term loan agreement. As a result, all of the debt became automatically due and payable. The company was also was delisted from the Nasdaq Stock Market Donald J. Trump and his daughter Ivanka M. Trump resigned as members of the company's board of which Donald Trump was chairman. Mr. Trump also abandoned any and all of his 23.5% direct limited partnership interest in Trump Entertainment Resorts. Property - # of Rooms Trump Taj Mahal - 2,027 Trump Plaza - 900 Trump Marina - 728 Total - 3,655 As of May 2008, Trump Entertainment Resorts had a deal to sell Trump Marina to , Coastal Development LLC. That deal still needs approvals from New Jersey governmental authorities.
Download this story and all of the stories in the Watch List Newsletter here. The Adobe pdf version also includes all of this week’s leads of distressed properties and loans of concern, lease cancellations applied for in bankruptcy proceedings, all of the local and national facility closures & layoffs, banks with distressed real estate portfolios and lists of loans approaching their maturity date. Plus the pdf version contains bonus news items not found in these columns or the CoStar Group web news pages.
More US National Commercial Real Estate News Stories:
Macklowe Defaults, Loses Another New York Office Tower
CoStar's People of Note for Friday (Apr. 12 - 18)
Opus South Corp. Files Bankruptcy
Retail Space Availability Reaches All-Time High
Updates to GGP's Bankruptcy Filing: More Malls Put into Chapter 11
Talking TALF: CRE Industry Urges Quick Fed Action to Extend Loan Lengths
Building Energy Label Proposed in Climate Change Bill
Closures & Layoffs (Apr. 19-25): GM Fires 1,800 This Week
Lease Cancellations (Apr. 19-25): Luxury Los Angeles Lofts File for Bankruptcy
Expansions, Relocations & Extensions (Apr. 19-25): Target, IDS Sign Major Leases

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