NewsJanuary 19, 2017
Foreclosed mall once valued at $190M sold for $100
TARENTUM, Pa. -- A mall that was foreclosed on after its owners failed to repay $143 million has been auctioned off for $100. Wells Fargo Bank was owed the money from a 2006 loan and submitted the winning bid for the 1.1 million-square-foot Galleria at Pittsburgh Mills on Wednesday. The bank was acting as trustee for MSCI 2007 HQ11, the trust that bought the mall, which once was worth $190 million but recently was appraised at $11 million and is slightly more than half occupied...Associated Press
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TARENTUM, Pa. -- A mall that was foreclosed on after its owners failed to repay $143 million has been auctioned off for $100. Wells Fargo Bank was owed the money from a 2006 loan and submitted the winning bid for the 1.1 million-square-foot Galleria at Pittsburgh Mills on Wednesday. The bank was acting as trustee for MSCI 2007 HQ11, the trust that bought the mall, which once was worth $190 million but recently was appraised at $11 million and is slightly more than half occupied.
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