Three big, well-known properties are in the news.
They include Monroeville Mall, Station Square and Gateway Center.
Monroeville Mall which is on the market. How much CBL Properties wants is a mystery:
“The company paid more than $230 million for it originally,” said Tim Schooley with the Pittsburgh Business Times on The Big K Morning Show. “The chances of them getting anywhere near that seems like that would be a big lift.”
Schooley says at Station Square, owned by Brookfield Properties, is in transition.
“They have a debt-balance of $140-some million on it now and would have to explain why they’ve been losing restaurants of late, I would think, although, I’m sure there’s other factors.”
Station Square eateries that have closed or will close include: Buca di Beppo, Joe's Crab Shack and Hard Rock Cafe.
A court has ordered the liquidation of Gateway Center to repay bondholders.
But the banks holding Hertz Investment Properties debt are at the same time foreclosing on Gateway Center, raising the question of which creditors are first in line.
“That still has to be determined is the debtors standing in that, but by the decision that was made out of the British Virgin Islands, it’s very curious that something like that would happen from there, it’s supposed to be liquidated, we’ll just have to see if that actually happens,” said Schooley.