Former Marsh Stores Head to Auction

November 27, 2018

NEW YORK – Five former Marsh stores throughout Indiana will soon be on the auction block. New York-based Mission Capital Advisors LLC says bidding will begin next week on the properties, all of which are currently vacant after being liquidated due to the grocery chain filing for bankruptcy.

Each of the properties will be auctioned individually with bidding beginning on December 3 and closing on December 5. Mission Capital is marketing the auctions on behalf of the seller.

“For value-add investors, these properties offer an excellent opportunity to acquire assets with significant upside at a very low basis,” said Kyle Kaminski with Mission Capital. “Several of the retail centers are located in strong commercial and residential districts, and strategic investors will be able to capitalize on their significant potential. The seller is highly motivated to find buyers for all five properties, and we anticipate interest from both local and national buyers seeking opportunistic investments.”

The properties, ranging from 14,000 to 80,000 square feet, include:

• 10901 East Washington Street, Indianapolis
• 3825 State Road 26 East, Lafayette
• 3910 West Bethel Pike, Muncie
• 1301 South East Street, Richmond
• 1920 South Hoyt Avenue, Muncie

Marsh Supermarkets filed for Chapter 11 bankruptcy protection in May 2017. Nearly two-thirds of the chain’s stores were acquired by Ohio-based Kroger Co. (NYSE: KR) subsidiary Topvalco Inc., and Generative Growth II LLC.

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Former South Street Marsh Supermarket to be auctioned online on Dec. 3

November 27, 2018

LAFAYETTE, Ind. — The Marsh Supermarket on Teal Road in Lafayette sits at the edge of a food desert, which isn’t as picturesque as it sounds.

A food desert is defined as a census tract in which at least 500 people or 33 percent of the population must travel more than a mile to reach a grocery store.

According to 2015 data compiled by The United States Department of Agriculture, Lafayette’s Marsh location is staving off the expansion of an already sizable food desert.

Should the supermarket close, going the way of many other Marsh Supermarkets in Indiana and Ohio, this desert would spread.

It was revealed Tuesday that 17 stores might close. This is in addition to the 19 Marsh Supermarkets shuttering by the end of May. While Lafayette and West Lafayette Marsh locations have not landed on either of these lists, the news does call into question the overall longevity of the grocery store chain.

Could this be the death knell for Greater Lafayette’s Marsh stores?

Sparsely populated bread aisles and a sign posted on the door of Lafayette’s Marsh reading “We are currently out of newspapers” only underscore this question.

Managers at both Marsh locations refused to comment on the status of the supermarkets. Marsh’s corporate offices also declined to comment about the Lafayette and West Lafayette locations.

Katy Bunder, CEO and president of Food Finders Food Bank, said losing Marsh could be a serious blow for residents on the south side of Lafayette.

“If you are taking a bus or walking each time, and you get further away from a store, have busier streets to cross, shopping gets harder,” Bunder said.

Bunder also said there is a significant elderly populations that lives near that Marsh, which might be impacted.

Rosemary and Gordon McCool, both in their 80s, said they would be inconvenienced if the Marsh on Teal Road folded.

“Whenever I need something I can run over here and get it. … Also, this is a smaller store and you get around better. When you get to be our age, big stores are just hard to get around,” Rosemary McCool said.

Although not a great distance, she added, going to the Payless Super Market on Beck Lane, the next closest store, would be a hassle, not just for the drive time but because there is much more store to navigate.

Angela Pruitt, a member of Sitrick and Company, the firm currently handling Marsh’s public relations, said 44 Marsh stores remain after the spate of closures that began in January.
“Marsh Supermarkets is seeking a buyer for all 44 of its remaining stores. The company has retained the investment banking firm of Peter J. Solomon Company to assist us in marketing the stores,” Pruitt said.

If the additional 17 stores were to close, however, this would leave Marsh with just 27 stores still open. A spokesperson for Marsh said on Tuesday if a buyer isn’t found for the remaining Marsh stores within 60 days they will all close.

In 2006, the year Sun Capital Partners acquired Marsh stores, there were 120 Marsh Supermarkets. Now, after an avalanche of closures, the dismantling of all Marsh pharmacies and more bad news this week, residents like Rosemary and Gordon McCool are unsure how they will easily manage grocery shopping if their neighborhood Marsh doesn’t survive.

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Former Richmond Marsh store will go up for auction next week

November 27, 2018

RICHMOND, Ind. — A former grocery store on the city’s south side might soon have a new owner.

An online auction will be held next week for five former Marsh properties across Indiana, including the store at 1301 S. E St. in Richmond.

Mission Capital Advisors, a national firm, is handling the marketing of the real estate. The auction will be conducted on the RealINSIGHT Marketplace website, with each property offered for sale individually.

The Richmond location will go up for bids starting at noon Monday with an initial asking price of $50,000. The auction will close at 4:30 p.m. Wednesday.

“The seller is highly motivated to find buyers for all five properties, and we anticipate interest from both local and national buyers seeking opportunistic investments,” Kyle Kaminski of Mission Capital said in a news release.

Cox Supermarkets, which had operated groceries in the city since the mid-1940s, sold the South E Street site to Marsh in 1999. The 14,730-square-foot building was home to a Marsh store until it closed in March 2017 as the regional grocery chain went under. It’s been vacant since.

In a sheriff sale earlier this year, the property was sold to Wells Fargo bank, the sole bidder, for $1,288,511.75. Wells Fargo is believed to have been involved with financing the building, allowing it to take back the property.

The last remaining Marsh store in Richmond, 501 National Road W., is now called Needler’s, after it was bought along with several others by Ohio-based grocer Fresh Encounter.

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5 former Marsh stores heading to auction in December

Mission Capital to Auction Vacant IN Retail Sites

November 28, 2018

Mission Capital Advisors’ asset sales group is marketing five separate, vacant Indiana retail properties. The five properties, formerly occupied by the Marsh grocery chain or its LoBill Foods brand, range in size from 14,000 to 80,000 square feet. They’re located in Indianapolis (pictured), Richmond, Muncie and Lafayette.

“For value-add investors, these properties offer an excellent opportunity to acquire assets with significant upside at a very low basis,” said Mission Capital’s Kyle Kaminski. “The seller is highly motivated to find buyers for all five properties, and we anticipate interest from both local and national buyers seeking opportunistic investments.”

Kaminski and his colleagues, Will Sledge and Rob Beyer, are marketing the offerings on behalf of the seller, a CMBS special servicer. Each of the properties will be auctioned individually on the RealINSIGHT Marketplace platform, with the bidding window opening on December 3 and closing on December 5.

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Two Muncie properties that once held Marsh stores to be auctioned online

November 27, 2018

MUNCIE, Ind. — Two Muncie retail properties that previously held Marsh stores will be put up for auction online during the beginning of December.

Mission Capital Advisors announced Monday that its asset sales group is marketing the vacant Muncie properties — 3910 W. Bethel Ave. and 1920 S. Hoyt Ave. — along with former Marsh or LoBill Foods locations in Lafayette, Richmond and Indianapolis. Marsh filed for bankruptcy protection in 2017.

The bidding window for the properties will be from noon Dec. 3 until about 4 p.m. Dec. 5. Each property will be auctioned individually on the RealINSIGHT Marketplace platform. The starting bid for the Bethel location is $200,000, according to this platform, while the Hoyt space starts at $250,000.

A team comprised of Will Sledge, Kyle Kaminski and Rob Beyer is marketing the offerings on behalf of the seller.

“For value-add investors, these properties offer an excellent opportunity to acquire assets with significant upside at a very low basis,” Kaminski said in a release. “The seller is highly motivated to find buyers for all five properties, and we anticipate interest from both local and national buyers seeking opportunistic investments.”

The retail space at 3910 W. Bethel Ave. includes 50,042 square feet and is located near Rural King and the Northwest YMCA.

The 1920 S. Hoyt Ave. location holds two buildings, one single-story building with 45,000 square-foot and the other a two-story commercial building built in 2017 that totals 15,000 square feet and could be used by a single tenant or multiple tenants.

Marsh Supermarkets, founded in Muncie in 1931, filed for Chapter 11 bankruptcy protection in May 2017 as it was working to sell off its stores. Its Muncie locations included stores on McGalliard Road, Tillotson Avenue, Walnut Street, Burlington Drive, Hoyt Avenue and Bethel.

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2 old Marsh stores in Muncie part of five old grocery stores heading to auction

November 28, 2018

MUNCIE, Ind. – Vacant buildings that once held grocery stores could soon come under new ownership. Five former Marsh buildings are part of an auction in early December, with each property getting auctioned separately.

The properties are headed to auction by Mission Capital Advisors, a national real estate capital markets solution firm.

The five properties in Indiana are:

• 10901 East Washington Street in Indianapolis
• 3825 SR 26 East in Lafayette
• 3910 West Bethel Pike in Muncie
• 1301 South East Street in Richmond
• 1920 South Hoyt Avenue in Muncie

Muncie isn’t only the only community with two properties on the auction block, but also the home where Marsh Supermarkets.

“Marsh was obviously synonymous with Muncie,” said executive director of the Muncie Redevelopment Commission, Todd Donati.

Donati said the Hoyt Avenue location closed in the summer of 2017, when Marsh filed for bankruptcy and shut down its stores across the state.

The building along Bethel Pike has not held a grocery store for several years and was most recently a Dunham’s Sporting Goods, according to Donati.

The loss of the two stores left a big impact on the community.

“Not only did we lose a lot of grocery stores, we lost a lot of jobs, too,” Donati said.

The bidding window for the properties in the auction opens on Monday, December 3. It closes two days later on December 5.

Donati said the city may end up being the buyer in the end, but he was confident the two properties in Muncie would have a buyer.

“They won’t be grocery stores,” said Donati. “They’ll be some kind of retailers. They may split up into different retail units. If someone buys them right, they can remodel and can maybe have three, four or five small retail outlets in these stores.”

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Two Well Known Muncie Retail Properties To Be Sold In Online Auction

November 28, 2018

New York, NY—Mission Capital Advisors, a leading national real estate capital markets solutions firm, has announced that its Asset Sales Group is marketing two well known Muncie properties in an online auction to be held December 3-5.

Both properties will be auctioned individually on the RealINSIGHT Marketplace platform, with the bidding window opening on December 3rd and closing on December 5th.

The properties were previously occupied by the Marsh grocery chain – or its LoBill Foods brand – which filed for bankruptcy protection in 2017 and was subsequently liquidated. Both buildings are fully vacant.

The retail centers are located in strong commercial and residential districts, and strategic investors will be able to capitalize on their significant potential. The seller is highly motivated to find buyers for both properties, and interest is anticipated from both local and national buyers seeking opportunistic investments.

The properties include the two named below with links to each online auction page.

Built in 1980, 3910 West Bethel Pike in Muncie is a 50,042-square-foot, single-tenant property in a prime area that features a range of shopping and dining options. With convenient local access, the property is ideally suited for retail uses, and housed a short-term Halloween-focused retailer this fall. Located approximately two miles from Ball State University, in an area marked by significant tech job growth, the property should generate significant leasing interest from national and local tenants looking to expand in one of Muncie’s strongest retail submarkets.

1920 South Hoyt Avenue in Muncie is a 60,072-square-foot, two-building retail/commercial property. The two properties include a single-story, 45,000-square-foot building, constructed in 1978, and a two-story commercial building, which was built in 2017 and measures approximately 15,000 square feet. The layout of the property affords an investor flexibility for either single-tenant or multi-tenant usage.

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5 Former Marsh Stores to Hit Auction Block

November 29, 2018

Five former properties that once housed Marsh Supermarkets sites will go on the auction block next week.

The vacant properties are being marketed by real estate services firm Mission Capital Advisors on behalf of their owner, identified only as a commercial mortgage backed securities special servicer.

Once an industry stalwart, Indianapolis-based Marsh Supermarkets filed for Chapter 11 bankruptcy protection in 2017 and subsequently liquidated, citing high debts and competitive intrusions from companies such as Kroger and Meijer.

The stores to be auctioned went unsold in Marsh’s 2017 liquidation, which saw 11 of its 44 stores sold to Kroger and another 17 go to Fresh Encounter, the Findlay, Ohio-based independent. They housed either the Marsh or LoBill brands and range in size from 14,000 to 80,000 square feet.

“For value-add investors, these properties offer an excellent opportunity to acquire assets with significant upside at a very low basis,” Kyle Kaminski of Mission Capital said in a statement. “Several of the retail centers are located in strong commercial and residential districts, and strategic investors will be able to capitalize on their significant potential. The seller is highly motivated to find buyers for all five properties, and we anticipate interest from both local and national buyers seeking opportunistic investments.”

Mission said the sites would be auctioned individually on the RealInsight Marketplace online platform, with the bidding window opening Dec. 3 and closing Dec. 5.

The properties to be sold:

• 10901 E. Washington St., Indianapolis, an 80,000-square-foot, single-story retail property. Constructed in 1992, the building sits on an eight-acre lot, and is just east of the Washington Plaza Mall. It is surrounded by a wide range of national tenants, including Walmart, Dairy Queen, Arby’s and GameStop.
• 3825 State Road 26 East, Lafayette, Ind., an 80,064-square-foot, single-story, big-box retail property. The structure was built in 1995 and is situated on a 12-acre lot adjacent to a Sam’s Club and across the street from the Lafayette Pavilions local shopping mall.
• 3910 W. Bethel Pike, Muncie, Ind., a 50,042-square-foot, single-tenant property in a prime area that features a range of shopping and dining options. It was built in 1980.
• 1301 S. East St., Richmond, Ind., a 14,737-square-foot, single-story building built in 1950. According to Mission it is ideally suited for a buyer open to acquiring a well-located commercial property at a low basis with an eye toward redevelopment.
• 1920 S. Hoyt Ave., Muncie, Ind., a 60,072-square-foot, two-building retail/commercial property. The two properties include a single-story, 45,000-square-foot building, constructed in 1978, and a two-story commercial building, which was built in 2017 and measures about 15,000 square feet.

Mission Capital Advisors is a diversified real estate solutions firm with offices in New York, Florida, Texas, California and Alabama.

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CWCapital Winding Down BACM 2007-2; Puts All Remaining Assets Up For Sale

November 30, 2018

Special servicer CWCapital Asset Management is winding down Banc of America Commercial Mortgage Trust, 2007-2, having placed all of the deal’s 11 remaining assets, with a balance of $172.8 million, up for sale through its RealInsight Marketplace.

The transaction was issued in May 2007, backed by 185 loans with a balance of $3.2 billion. Since then, 53 loans were liquidated with losses totaling $308.6 million, or 9.73 percent of the deal’s original balance. Those losses have wiped out all of the CMBS deal’s bond classes subordinate to and including E, which originally was rated A+ by S&P and Fitch Ratings. In addition, the transaction has accumulated $32 million of interest shortfalls that are hitting classes B and below.

The deal’s balance is well more than the 1 percent that would trigger a clean-up call. But all 11 remaining assets are delinquent and in special servicing, so they’re not generating income. Instead, they’ve become a burden. Master servicer KeyCorp Real Estate Capital Markets continues to make advances against them in order to ensure that bond investors continue to receive their scheduled payments. But the appraised value of each of the loans’ underlying assets has declined since the deal was issued. As a result, a total of $114.8 million of appraisal reduction amounts have been lodged against the collateral pool.

CWCapital has enlisted Mission Capital Advisors to handle marketing for the deal’s remaining assets. The New York advisory shop has started distributing offering material to prospective investors and will take offers for individual assets through the RealInsight Marketplace online platform on Dec. 3-5.

The deal’s largest remaining asset is the $119.5 million loan against the Mall of Acadiana in Lafayette, La., a 1.6 million-square-foot shopping center owned by CBL & Associates Properties, but that’s being overseen by a receiver, Spinoso Management Group of North Syracuse, N.Y. An online auction for the property, of which 299,349 sf serves as collateral for the loan, will take place Dec. 3-5. A starting bid of $24 million has been set. The property last was appraised in May at a value of $45.9 million.

Also on the sales docket on Dec. 3-5 is the 160 room Wyndham Garden Inn, the former Radisson Phoenix at 3600 North 2nd Ave., which previously had backed a $9.7 million loan. The property, which last was appraised in January at a value of $2.8 million, has operated at a 54 percent occupancy level for the 12 months through September and generated an average daily room rate of $97.46, for revenue per available room of $52.64.

Most recently, Mission Capital started marketing four foreclosed retail properties that had been occupied by Marsh Supermarkets until its bankruptcy last year and that had backed $13.7 million of loans.

The four stores are all in Indiana, with the biggest at 3825 State Road 26 East, which has 80,064 sf and sits next to a Sam’s Club in Lafayette, which is about 60 miles northwest of Indianapolis.

The others are:

• 10901 East Washington St., with 80,000 sf near the Washington Plaza Mall in Indianapolis;
• 1920 South Hoyt Ave., with 60,072 sf, and 3910 West Bethel Pike, with 50,042 sf, both in Muncie, which is about 60 miles northeast of Indianapolis, and
• 1301 South East St., with 14,737 sf in Richmond, which is about 70 miles east of Indianapolis and 70 miles north of Cincinnati.

The properties recently were appraised at a combined $3.4 million. Starting bids for each property is set at $100,000.

Two other notable retail assets in the BACM 2007-2 collateral pool are the $13.3 million loan against the Davisville Shopping Center, with 98,508 sf in the Philadelphia suburb of Warminster, Pa., and the 134,276-sf Parkway Shopping Center in Allentown, Pa., which had backed a $9.6 million loan and is now classified as real estate owned.

The Davisville property is 83.8 percent leased and anchored by an Acme supermarket, which leases nearly 53,000 sf through August 2021, but the grocer long ago vacated its space. The property, which is contaminated by perchloroethylene from a former dry cleaner tenant, last appraised at a value of $8.9 million. The starting bid for the loan is $1.75 million.

The Parkway center, meanwhile, is 51.8 percent occupied by tenants that include Family Dollar, which occupies nearly 10,000 sf under a lease that matures at the end of next year, and IHOP, which leases 4,300 sf through April 2025. The property was appraised last May at a value of $8.8 million. Opening bid is set at $2.9 million.

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Mission Capital Advisors selling five vacant retail properties in Indiana

December 4, 2018

Mission Capital Advisors’ Asset Sales Group is marketing five separate vacant Indiana retail properties. The five properties range in size from 14,000 to 80,000 square feet, and are located in Indianapolis, Richmond, Muncie and Lafayette, Indiana.

The Mission Capital team of Will Sledge, Kyle Kaminski and Rob Beyer is marketing the offerings on behalf of the seller, a CMBS special servicer. Each of the properties will be auctioned individually on the RealINSIGHT Marketplace platform, with the bidding window opening on Dec. 3 and closing on Dec. 5.

All five of the properties were previously occupied by the Marsh grocery chain – or its LoBill Foods brand – which filed for bankruptcy protection in 2017 and was subsequently liquidated. All five of the buildings are fully vacant.

The properties include:

• 10901 East Washington Street in Indianapolis is an 80,000-square-foot, single-story retail property. Constructed in 1992, the building sits on an eight-acre lot, and is ideally located just east of the Washington Plaza Mall, and is surrounded by a wide range of national tenants including Walmart, Dairy Queen, Arby’s and GameStop. The property is also within minutes of Interstates 70 and 465. The property has a starting bid of $100,000.
• 3825 State Road 26 East in Lafayette is an 80,064-square-foot, single-story, big-box retail property. The structure was built in 1995 and is situated on a 12-acre lot adjacent to a Sam’s Club and across the street from the Lafayette Pavilions local shopping mall. The property is situated in a prime enclave of Lafayette, surrounded by a largely residential neighborhood that also features several hotels and numerous retail and dining options. The property has a starting bid of $100,000.
• Built in 1980, 3910 West Bethel Pike in Muncie is a 50,042-square-foot, single-tenant property in a prime area that features a range of shopping and dining options. With convenient local access, the property is ideally suited for retail uses, and housed a short-term Halloween-focused retailer this fall. Located approximately two miles from Ball State University, in an area marked by significant tech job growth, the property should generate significant leasing interest from national and local tenants looking to expand in one of Muncie’s strongest retail submarkets. The property has a starting bid of $100,000.
• 1301 South East Street in Richmond is a 14,737-square-foot, single-story building. The single-tenant structure was built in 1950 and is ideally suited for a buyer open to acquiring a well-located commercial property at a low basis with an eye toward redevelopment. The property has a starting bid of $50,000.
• 1920 South Hoyt Avenue in Muncie is a 60,072-square-foot, two-building retail/commercial property. The two properties include a single-story, 45,000-square-foot building, constructed in 1978, and a two-story commercial building, which was built in 2017 and measures approximately 15,000 square feet. The layout of the property affords an investor flexibility for either single-tenant or multi-tenant usage. The property has a starting bid of $100,000.

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