There's been a lot of fervor surrounding the present and future fate of the Granite Run Mall.
WSJ reports the owners can no longer support the debt.
The Simon-Macerich venture requested to negotiate with the special servicer handling the mortgage about “the potential short sale of the property or the orderly transition of the property to the lender,” Realpoint said.
A Simon representative declined to comment. Macerich Chief Executive Art Coppola said during the company’s earnings call last week that Granite Run “most likely will not be owned by that joint venture a year from now.”
Empty stores, high rents, sluggish economy--something had to give. Maybe new owners will turn things around.
ReplyDeleteAs of April 1, 2011, Madison Marquette has moved in as the new management company for Granite Run Mall. With a stellar track record of taking struggling centers and renewing not only their physical appearance, but also their leasing practices, it is sure to be a great partnership.
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