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Volume 1 - Number 16 | November 24, 2004

TOP STORY: Attention, CMBS Shoppers: Kmart-Sears Merger May Be Risky By Bennett Voyles Kmart Corp.’s recent surprise announcement that it intends to buy Sears may be bad news for CMBS investors, at least in the long term. For CMBS investors, the Sears exposure is probably the most significant part of the $11.5 billion deal.

INSIDER: Capital Trust’s John Klopp By Erika Morphy In late July the real estate investment community took notice of Capital Trust’s execution of a CDO, called CDO I. With its composition of B-notes and mezzanine loans, this deal was the first of its kind—a fact duly noted by rating agencies and, not surprisingly, other investment management firms.

Sector Outlook: Dire Times For Supermarkets Could Affect CMBS By Bennett Voyles Once one of the most stable US real estate asset classes, the grocery store-anchored strip mall may be in danger, say analysts. Pounded by competition from a variety of new retail sources, most of the largest grocery store chains are trapped in a high-cost model, and sources say it seems unlikely they will be able to adapt.