Barcelone Retail Center in Las Vegas Troubled
Las Vegas Review Journal reports: Global commercial property research firm Real Capital Analytics listed the 10,000-square-foot Las Vegas salon and spa Barcelone as a "troubled" property in October 2009 and reported that the retail center at 8751 W. Charleston Blvd. had gone into receivership, a form of bankruptcy in which a company can reorganize under a court-appointed trustee.
The center, consisting of 51,000 square feet in four buildings, is owned by SRT Barcelone LLC, and the lender is J.E. Robert Cos. The property last sold for $12 million in May 2007 and has a $5.4 million first mortgage, Real Capital Analytics reported. The default rate for commercial mortgages stood at 4.17 percent at the end of the first quarter, or $45.5 billion, second only to the 4.55 percent in 1992, according to an analysis of bank and FDIC data by Real Capital Analytics. It's expected to surpass that mark by year's end and peak at 5.4 percent in 2011.
View the full article on Las Vegas Review Journal: Barcelone Retail Center in Las Vegas Troubled
Articles related to this topic:
Las Vegas CRE Market Slowly Improving
Second Quarter Surge in CRE Market
Edens & Avant Buy More Retail Assets in Washington, DC
Retail Property Sector Set for Banner Q4
Posted by: Nina Turner