Many thanks to Scot Bathgate who sent this story of the 1.1 million square foot “Galleria” mega mall at Pittsburgh Mills in Pennsylvania that foreclosed after the owners didn’t pay a $143 million dollar (USD) debt. The mall was auctioned off for $100.
Wells Fargo foreclosed last year on the mall, which opened in 2005. The mall once was worth $190 million but recently was appraised at just $11 million and is slightly more than half occupied. Pittsburgh Mills Limited Partnership defaulted on the loan.
When this mall opened in 2005 it was owned by Mills Corporation, a “publicly traded real estate investment trust (REIT) with 18 so-called “landmark” shopping-and-entertainment centers nationwide, as well as three more in the pipeline. “
In advertising this mega mall in 2005 the Mills Corporation stated “Today, with the anchor announcements we make, we offer our consumers what they’ve been telling us…
View original post 101 more words