Cumberland Mall

KBRA Assigns Preliminary Ratings to Benchmark 2023-V2

Retrieved on: 
Wednesday, May 3, 2023
Professional Services, Finance, Benchmark, KBRA, CMBS, Harborside, KLTV, Probability, Security (finance), Telescopic sight, Cumberland Mall

KBRA is pleased to announce the assignment of preliminary ratings to 13 classes of Benchmark 2023-V2, a $859.7 million CMBS conduit transaction collateralized by 26 commercial mortgage loans secured by 66 properties.

Key Points: 
  • KBRA is pleased to announce the assignment of preliminary ratings to 13 classes of Benchmark 2023-V2, a $859.7 million CMBS conduit transaction collateralized by 26 commercial mortgage loans secured by 66 properties.
  • The collateral properties are located throughout 24 MSAs, of which the three largest are New York (17.7%), Los Angeles (11.6%), and Atlanta (9.4%).
  • The pool has exposure to all major property types, with four types representing more than 10.0% of the pool balance: retail (24.8%), office (19.4%), multifamily (15.6%), and industrial (14.4%).
  • KBRA capitalization rates were applied to each asset’s KNCF to derive values that were, on an aggregate basis, 41.6% less than third party appraisal values.

PREIT Reports Fourth Quarter and Full Year 2022 Results

Retrieved on: 
Wednesday, March 22, 2023
Springfield Town Center, Partnership, Plymouth, Face, Moorestown Mall, Comparable, Internet, Financial result, Line of credit, Willow Grove Park, OP, Foot, Prince George's County, Maryland, Whole Foods Market, Prognosis, Primary Dealer Credit Facility, Sale, Pearl, Plymouth Meeting Mall, FFO, Burlington, Prince George, Fashion District Philadelphia, Webcast, NOI, PREIT, Valley View Mall, Same-store sales, Hawaii Children's Discovery Center, Three Months, Family, Conference, Bank, Cryptocurrency, Commercial property, Retail, Department store, MD, Mall, Cumberland Mall

PHILADELPHIA, March 22, 2023 /PRNewswire/ -- PREIT (OTC:PRET) today reported results for the three months and year ended December 31, 2022. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is provided in the tables accompanying this release.

Key Points: 
  • For the rolling 12 month period ended December 31, 2022, core mall comparable sales grew to $596 per square foot, compared to $539 in 2019.
  • Average renewal spreads for the three months and year ended December 31, 2022 were -5.6% and 1.1%, respectively.
  • Since the beginning of 2022, the Company sold assets generating just over $141 million in gross proceeds.
  • Additional information regarding changes in operating results for the three months and year ended December 31, 2022 and 2021 is included on page 15.

Verizon continues to upgrade Atlanta's best network

Retrieved on: 
Tuesday, March 14, 2023
High-pass filter, U.S. Route 41 in Georgia, IPhone, Truist Park, Business, Television, GA, Partnership, Operation, Battery, Internet, Travel, RootMetrics, Tablet, Cable television, Mobile phone, Verizon Communications, Engineering, Cumberland Mall

ATLANTA, March 14, 2023 (GLOBE NEWSWIRE) -- Customers and visitors to Atlanta, GA have the best experience when using the Verizon network, according to the nation’s most rigorous scientific testing company RootMetrics®.

Key Points: 
  • ATLANTA, March 14, 2023 (GLOBE NEWSWIRE) -- Customers and visitors to Atlanta, GA have the best experience when using the Verizon network, according to the nation’s most rigorous scientific testing company RootMetrics®.
  • “Our network engineers work tirelessly to ensure we can provide the most reliable connections across Atlanta.
  • These top marks are a result of months of deploying new enhancements in the network for those who live in and visit the Atlanta area.
  • Tested with best commercially available smartphones on three mobile networks across all available network types.

Stonehill Commercial Real Estate Group Deploys $160 Million in Financing for Shopping Malls

Retrieved on: 
Tuesday, January 10, 2023
Professional Services, Other Construction & Property, Commercial Building & Real Estate, Finance, Construction & Property, REIT, Robinson, Stonehill, Greenwood Mall, National Retail Federation, Livingston Mall, Mall, Thought, CRE, The Mall at Robinson, Acquisition, Cumberland Mall, Commercial property, Renewable energy, Retail

The recent Stonehill CRE retail transactions include:

Key Points: 
  • The recent Stonehill CRE retail transactions include:
    Bellis Fair Mall - Originating a $24.0 million first mortgage loan for the 774,264 square-foot shopping mall in Bellingham, Washington.
  • Cumberland Mall - Originating a $28.8 million first mortgage loan for the 953,313 square-foot shopping mall in Vineland, New Jersey.
  • Greenwood Mall - Originating a $42.3 million first mortgage loan for the 970,523 square-foot shopping mall in Bowling Green, Kentucky.
  • Stonehill, an affiliate of Peachtree Group, launched Stonehill CRE in May 2022 and expects to deploy approximately $500 million of capital in 2023.

Fuddruckers Announces Ten New Mall Locations Coming Soon!

Retrieved on: 
Monday, March 14, 2022
Titan, Business development, Time, The Parks Mall at Arlington, Ghost kitchen, World, Partner, Perimeter Mall, North Star Mall, Cumberland Mall, Riverchase Galleria, AL, LLC, Restaurant, Springfield to Fayetteville Road-Elkhorn Tavern Segment, Park, Willowbrook Mall, Business, Brookfield Properties, Hulen Mall, The Shoppes at Buckland Hills, African Americans, Drug, Amusement park, Fast food, Town East Mall, Fuddruckers

HOUSTON, March 14, 2022 /PRNewswire/ -- Fuddruckers Restaurants, serving guests the World's Greatest Hamburgers® since 1980, today announced it has signed leases with Brookfield Properties to open 10 new Fuddruckers locations at malls nationwide.

Key Points: 
  • Black Titan Franchise Systems, LLC, recently acquired Fuddruckers, including their 85 existing locations in the United States.
  • These new non-traditional locations will begin buildouts in the second quarter of the year with new location openings expected in the months following.
  • We anticipate creating approximately 150 new jobs in these areas, further expanding our Fuddruckers family of employees.
  • These new locations will continue to grow our customer base, create new jobs and showcase our World's Greatest Hamburgers."

The Captain's Boil Expands into U.S.

Retrieved on: 
Wednesday, March 2, 2022
TSX, Knowledge, Restaurant, Sale, Cumberland Mall, EMEA, Food, Boil, Technology, ASEAN, Online shopping

The Captain's Boil uses a full suite of Givex technology in its restaurants, including point-of-sale, kitchen display, gift card, loyalty, and inventory control systems, in addition to an online ordering app.

Key Points: 
  • The Captain's Boil uses a full suite of Givex technology in its restaurants, including point-of-sale, kitchen display, gift card, loyalty, and inventory control systems, in addition to an online ordering app.
  • Givex is a Toronto-headquartered global fintech platform with customer engagement solutions that empower merchants with knowledge and knowhow.
  • "We congratulate The Captain's Boil for successfully expanding into the U.S.," said Givex chief commercial officer Mo Chaar.
  • The Captain's Boil also pivoted its business by strengthening its takeout/delivery platforms with Givex technology.

PREIT Executes 80,000 Square Foot Fulfillment Center at Cumberland Mall

Retrieved on: 
Thursday, May 13, 2021
Pennsylvania Real Estate Investment Trust, Vineland, New Jersey, Communication, Forward-looking statement, Cumberland Mall, Delaware Valley, Geography of New Jersey, Tourist attractions

b'PHILADELPHIA, May 13, 2021 /PRNewswire/ --PREIT (NYSE: PEI),a leading operator of diverse retail and experiential destinations, today announced that the Company has signed a new lease for a fulfillment center at Cumberland Mall in Vineland, NJ.

Key Points: 
  • b'PHILADELPHIA, May 13, 2021 /PRNewswire/ --PREIT (NYSE: PEI),a leading operator of diverse retail and experiential destinations, today announced that the Company has signed a new lease for a fulfillment center at Cumberland Mall in Vineland, NJ.
  • The approximately 80,000 square foot facility will soon occupy the former Burlington space delivering a new source of non-retail revenue.
  • Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts.
  • We do not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.\n'