Tuesday, March 28, 2017
Would you buy a mall for $100?
THIS MALL SOLD FOR $100 AT AUCTION. REALLY.
Should you buy one? What would you do with a whole shopping mall? Do you think there's a way to make a mall worth going to again? The more I look into this issue, the more I see that there are dead malls all over, and a lot more dying out with the rash of retail store closings this year.
OK, Pittsburgh Mills Mall sold for $100 at the bankruptcy auction in January to Wells Fargo, who is owed $143 million in back payments on the mall. So now the bank is sitting on a million square foot mall running at 55% occupancy. The J.C. Penney anchor store IS NOT one of the 138 Penney's scheduled to close this year, so that's good for the mall.
Will Wells Fargo get their $143 million back from this mall? I guess time will tell.
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