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Jones Lang LaSalle (“JLL”), in conjunction with RealInsight Marketplace (“RIM”), is pleased to offer for sale a $32.2 million UPB non-performing loan (the “Loan”) secured by a first-lien leasehold mortgage on a 9-story retail and parking garage property (the “Property”) located in White Plains, Westchester County, NY.
The 10-year, fixed rate Loan in the amount of $35,900,000 was originated in September 2011. The Loan defaulted in January 2020 and foreclosure proceedings commenced in March 2020. A Judgment of Foreclosure and Sale was entered by the Supreme Court of the State of NY – County of Westchester on October 1, 2020.
The Property consists of 3 levels of retail containing 259,409-SF of rentable space, with a 6-deck parking garage above, located in the heart of the White Plains CBD. At origination, the property was occupied by Burlington Coat Factory (upper level) and Walmart (lower level and street level). Walmart closed their store and went dark in August 2018 as the company pivoted away from multi-level store formats but continued to remit lease payments until their expiration in July 2021. Burlington Coat Factory vacated upon lease expiration in 2019. Consequently, the property is currently 100% vacant.
As the Property is currently 100% vacant, significant value can be added through the lease-up or redevelopment of the Property.
The Property offers 1,241 parking spaces across 6-levels in a dense downtown setting, generating more than $1 million of revenues, even during the depths of the pandemic. Additional revenue could be generated by increasing rates.
The Property is centrally located in the heart of downtown White Plains and is surrounded by 8 million SF of office space and dense residential. The White Plains station for the Metro-North Harlem line is less than a mile away.
Median income within 1-3-5 miles is $115,362, $145,278, and $165,986, respectively.
Clear Path to Title
A judgment of foreclosure and sale has already been entered by the court allowing for a quick and clear path to title.