With scarce revenue, the Ghermezian family, which owns the mall, can’t keep up with the bills on the complex.
The strategy can help keep revenue coming in while the spaces are marketed to long-term users, according to some experts.
One investor has been buying up struggling retail centers at bargain basement prices, building an empire of 268 properties.
REIT total returns are now up more than 25 percent year-to-date as their strong bounceback year continues.
The owners of the 3.3-million-sq.-ft. property used the reserves to make a $9.3 million August payment on $290 million of debt.
“A lot of the associates do not want to be forced to get something,” said a manager at an East Coast warehouse.
Jul 26, 2021
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Acquisitions of retail property rose in recent months. But the sector continues to face uncertainty and a bid/ask divide.
Barry Sternlicht’s investment firm has been selling malls across the U.S. at money-losing prices.