Tenant exposure
Michaels in CMBS
The trusts' filings name Michaels among the three largest tenants at properties securing 45 public CMBS loans with $919.8M outstanding. It is the largest tenant at 11 of them. None of those loans is delinquent or with a special servicer.
Every loan
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Lehigh Valley Mall | Whitehall, PA | Retail | $164.8M | 4.056% | Nov 2027 | 1.89x | 84% | Current |
| La Brea & San Vicente | Los Angeles, CA | Retail | $31.5M | 3.345% | Jul 2031 | 1.99x | 98% | Current |
| Thorncreek Crossing | Thornton, CO | Retail | $30.7M | 4.623% | May 2028 | 2.31x | 99% | Current |
| League City Town Center | League City, TX | Retail | $29.9M | 3.625% | Jun 2031 | 3.60x | 96% | Current |
| Hall Road Crossing | Shelby Township, MI | Retail | $26.4M | 4.12% | Mar 2032 | 1.70x | 100% | Current |
| Dudley Farms Plaza | Charleston, WV | Retail | $24.7M | 5.024% | Oct 2028 | 1.99x | 89% | Current |
| L Street Marketplace | Omaha, NE | Retail | $24.7M | 4.70% | May 2029 | 1.61x | 100% | Current |
| Ingram Festival Shopping Center | San Antonio, TX | Retail | $23.1M | 4.544% | Jan 2028 | 1.65x | 100% | Current |
| Savi Ranch | Yorba Linda, CA | Retail | $22.3M | 5.008% | Jul 2028 | 1.48x | 100% | Current |
| Rockwall Market Center | Rockwall, TX | Retail | $22.1M | 7.196% | Sep 2033 | 1.86x | 98% | Current |
| Butler Crossing | Butler, PA | Retail | $22.0M | 3.07% | Jul 2031 | 4.08x | 100% | Current |
| Everett Plaza | Everett, WA | Retail | $22.0M | 4.54% | Nov 2026 | 1.26x | 83% | Current |
| Louetta Central | Spring, TX | Retail | $21.0M | 6.436% | Aug 2030 | 1.34x | 100% | Current |
| Blackmore Marketplace | Casper, WY | Retail | $20.9M | 4.048% | Aug 2029 | 1.87x | 97% | Current |
| Millennium Park | Livonia, MI | Retail | $20.9M | 4.70% | Apr 2029 | 1.50x | 99% | Current |
| Waterstone Center | Cincinnati, OH | Retail | $20.9M | 7.34% | Oct 2028 | 1.66x | 98% | Current |
| Woodscreek Commons | Algonquin, IL | Retail | $20.5M | 6.382% | Nov 2029 | 1.81x | 94% | Current |
| Redwood Gateway | Petaluma, CA | Retail | $20.4M | 4.62% | May 2027 | 3.39x | 100% | Current |
| Yuba City Marketplace | Yuba City, CA | Retail | $20.0M | 4.765% | May 2032 | 2.01x | 96% | Current |
| Centre at Westbank | Harvey, LA | Retail | $18.7M | 5.00% | Apr 2027 | 1.78x | 98% | Current |
| 32 East Shopping Center | Cincinnati, OH | Retail | $18.6M | 4.62% | Feb 2028 | 2.05x | 100% | Current |
| Delray Corner | Delray Beach, FL | Retail | $18.5M | 7.194% | Feb 2029 | 1.40x | 89% | Current |
| Pablo Creek Plaza - FL | Jacksonville, FL | Retail | $18.4M | 4.605% | Jul 2028 | 3.13x | 97% | Current |
| Parkway Centre North | Grove City, OH | Retail | $15.8M | 4.701% | Jul 2028 | 2.03x | 100% | Current |
| Bangor Parkade | Bangor, ME | Retail | $15.0M | 7.02% | Dec 2033 | 1.83x | 99% | Current |
| Ward's Crossing | Lynchburg, VA | Retail | $14.8M | 6.633% | Jun 2036 | n/a | n/a | Current |
| Village Plaza | Morton Grove, IL | Retail | $14.5M | 3.265% | Jan 2032 | 4.57x | 95% | Current |
| Spring Prairie | Kalispell, MT | Retail | $14.3M | 4.80% | Aug 2027 | 1.87x | 100% | Current |
| Shops at Abilene | Abilene, TX | Retail | $14.3M | 6.90% | Aug 2029 | 2.05x | 98% | Current |
| Low Country Village | Bluffton, SC | Retail | $13.7M | 4.26% | Jul 2027 | 2.77x | 100% | Current |
| Valley View Shopping Center, Roanoke | Roanoke, VA | Retail | $13.5M | 5.24% | Oct 2028 | n/a | n/a | Current |
| Market at Hilliard | Hilliard, OH | Retail | $13.5M | 4.699% | Dec 2026 | 1.64x | 100% | Current |
| Michaels Plaza | Riverside, CA | Retail | $13.3M | 4.309% | Aug 2027 | n/a | n/a | Current |
| Sierra Commons Shopping Center | Palmdale, CA | Retail | $12.8M | 6.925% | Jan 2029 | 1.16x | 100% | Current |
| Causeway Shopping Center | Melbourne, FL | Retail | $12.5M | 6.14% | Oct 2030 | n/a | n/a | Current |
| Hampton Plaza | Clarksville, TN | Retail | $11.6M | 4.608% | Nov 2027 | 1.53x | 92% | Current |
| Hilltop Shopping Center | Redding, CA | Retail | $10.5M | 3.34% | Sep 2029 | 3.71x | 100% | Current |
| Shiloh Crossing | Avon, IN | Retail | $10.4M | 4.774% | May 2027 | 1.67x | 100% | Current |
| Flints Crossing | Auburn, AL | Retail | $10.0M | 6.337% | Sep 2030 | 1.41x | 99% | Current |
| The Commons, Salisbury | Salisbury, MD | Retail | $9.4M | 6.301% | Feb 2036 | n/a | n/a | Current |
| North Ridge Center | Davenport, IA | Retail | $9.0M | 3.266% | May 2031 | 5.03x | 100% | Current |
| Market Square | Fort Myers, FL | Retail | $7.7M | 5.36% | Nov 2028 | 1.42x | 100% | Current |
| Dunia Plaza | Victorville, CA | Retail | $7.4M | 4.54% | Nov 2026 | 1.51x | 100% | Current |
| Westwood Shopping Center, Hattiesburg | Hattiesburg, MS | Retail | $6.7M | 3.88% | May 2031 | 2.01x | 100% | Current |
| South Plaza Vista | Sierra Vista, AZ | Retail | $6.0M | 5.22% | Apr 2029 | 1.71x | 100% | Current |
Where Michaels is the largest tenant: lease end dates
| Property | Lease ends | Loan matures | Balance |
|---|---|---|---|
| Market Square | Feb 2027 | Nov 2028 | $7.7M |
| Michaels Plaza | Jan 2028 | Aug 2027 | $13.3M |
| Westwood Shopping Center, Hattiesburg | Jan 2028 | May 2031 | $6.7M |
| Ward's Crossing | Feb 2028 | Jun 2036 | $14.8M |
| Market at Hilliard | Feb 2030 | Dec 2026 | $13.5M |
| Everett Plaza | Mar 2030 | Nov 2026 | $22.0M |
| Dunia Plaza | Mar 2031 | Nov 2026 | $7.4M |
| Hampton Plaza | Jul 2031 | Nov 2027 | $11.6M |
| Pablo Creek Plaza - FL | Feb 2032 | Jul 2028 | $18.4M |
| The Commons, Salisbury | Feb 2032 | Feb 2036 | $9.4M |
| Delray Corner | Apr 2034 | Feb 2029 | $18.5M |
Red: the lease ends before the loan matures, the rollover a refinancing lender will look at hardest.
Filed names grouped here: MICHAELS; MICHAELS STORES, INC.; Michael's; Michael's Stores Inc.; Michaels; Michaels Stores Inc.; Michaels Stores, Inc. From each trust's ABS-EE filing (largest, second and third largest tenant fields). Pro will alert you when any of these loans changes.