Triple Five Group's Village Square project has seen occupancy and rents plummet since 2007 and is now delinquent on its mortgage.
Village Square, a retail and office property spanning 237,834 square feet, is two months late on payments on its $60 million securitized mortgage, according to a loan servicer's report. The 11-year-old property anchored by a movie theater went from 95% occupancy upon the loan's origination in 2007 to nearly 77% by the middle of last year. It recently signed new leases at average rates of $24 a square foot, compared with its historical rates of $30 to $45.
Wall Street Journal