Investors Clamoring For Yield Scoop Up Shopping-Mall Bond
- Deal offers extra spread and strong tenant names: investor
- Single-tenant risk exists for 61 properties: ratings firms
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Don’t sound the death knell for shopping malls just yet. Yield-starved bond investors are betting some will not only survive -- but thrive.
Los Angeles-based real estate investment firm CIM Group on Friday morning sold $650 million of commercial mortgage-backed securities tied to the refinancing of one of its retail portfolios that includes 111 properties across the country, of which 50 are anchored shopping centers. The securities sold about in line with preliminary guidance.