Tags: pittsburgh mills | sold | mall | 100

Pittsburgh Mills Sold: Mall Once Valued at $190M Goes for $100

Image: Pittsburgh Mills Sold: Mall Once Valued at $190M Goes for $100

Pittsburgh Mills mall has been sold for $100. (AP Photo/Keith Srakocic)

Friday, 20 Jan 2017 06:51 AM

The Galleria at Pittsburgh Mills mall sold for $100 at auction Wednesday after its owners didn't repay $143 million owed.

Wells Fargo Bank was owed the money from a 2006 loan and submitted the winning bid for the 1.1 million-square-foot Pittsburgh Mills. The bank was acting as trustee for MSCI 2007 HQ11, the trust that bought the mall in suburban Frazer Township.

Wells Fargo foreclosed last year on the mall, which opened in 2005. The mall once was worth $190 million but recently was appraised at just $11 million and is slightly more than half occupied. Pittsburgh Mills Limited Partnership defaulted on the loan.

Wells Fargo and the mall's new owners haven't commented on the purchase.

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The Galleria at Pittsburgh Mills mall sold for $100 at auction Wednesday after its owners didn't repay $143 million owed.
pittsburgh mills, sold, mall, 100
116
2017-51-20
Friday, 20 Jan 2017 06:51 AM
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