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10 Malls with Largest Loan Exposures to Sears and J.C. Penney

You’ve got to feel for the mall owners whose centers feature both Sears and J.C. Penney as anchors. With Sears selling profitable stores to shore up cash and J.C. Penney executives squashing rumors of impending bankruptcy, they may well be wondering how soon they’ll have to deal with large chunks of empty space at their centers while simultaneously facing significant income shortfalls.

Research put together by Morningstar Credit Ratings LLC found that there are at least 108 malls around the country where Sears and J.C. Penney both serve as major tenants, and those properties are included in 106 CMBS loans with a combined principal balance of $7.1 billion. Below is a listing of the 10 Malls with the Largest Loan Exposures to Sears and J.C. Penney.

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