Leave a comment
Keith Srakocic/Associated Press

Keith Srakocic/Associated Press

TARENTUM, Pa. (AP) _ One of the biggest indoor malls in Pennsylvania is set to hit the auction block.

The 1.1million-square-foot Galleria at Pittsburgh Mills is scheduled for sale Wednesday. It’s located along Route 28 in Frazer Township, about 20 miles northeast of Pittsburgh.

It was developed by Johnstown-based Zamias Services Inc. and Mills Corp. a Virginia firm that has since gone bankrupt. Wells Fargo Bank foreclosed last year on the mall which opened in 2005. The mall was once worth $190 million but recently appraised at just $11 million.

Pittsburgh Mills Limited Partnership, which owns the mall and is owned by Zamias, owes Wells Fargo about $143 million including deferred payments and interest on a $133 million loan taken out in 2006.

It’s possible the bank will buy the mall and try to revive the property.

 

Pittsburgh Mills mall scheduled for foreclosure auction was originally published on newpittsburghcourieronline.com

Also On The Michigan Chronicle:
comments – add yours
×