November 17, 2024 3:31 pm
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Mall owners rush to get out of the mall business

Some mall owners are choosing to hand over ownership rather than try to restructure debt on the properties. Above, a Cleveland shopping mall on the first day of the Republican National Convention in July. /PHOTO: SPENCER PLATT/GETTY IMAGES

Surge in store closures prompts some shopping-center owners to walk away from troubled locations

By Esther Fung | The Wall Street Journal

More mall landlords are choosing to walk away from struggling properties, leaving creditors in the lurch and posing a threat to the values of nearby real estate.

As competition from online shopping batters retailers, some of the largest U.S. landlords are calculating it is more advantageous to hand over ownership to lenders than to attempt to restructure debts on properties with darkening outlooks.

That, in turn, leaves lenders with little choice but to unload the distressed properties at fire-sale prices.

Continued:

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.