When Is Town Center Mall Closing?
- Michael Paul
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What happened to Town Center Mall in Philadelphia?
The lenders of the Town Center mall indicated that the mall will be subject to foreclosure in February 2021, which is 35 years after the grand inauguration of the mall, which took place in February 1986. In January of this year, Deutsche Bank, which was the principal lender and trustee for a loan of $200 million that was given on the shopping center in 2012, took ownership of the property from Simon Property Group.
What happened to Cobb’s Town Center Mall?
At the Cobb County Courthouse, an attorney named Matthew Norton from the company Polsinelli reads the formal notification that puts an end to the foreclosure process over the Town Center mall. Town Center Mall in November witnesses Black Friday patrons strolling around the establishments there. On Tuesday, the Cobb’s Town Center Mall experienced a foreclosure at the hands of its lenders.
How many malls are going to close in 5 years?
Within the next five years, it is anticipated that 25 percent of shopping malls in the United States would close. It won’t be simple to start a new life for them. Coresight Research forecasts that between 20 and 25 percent of the nation’s approximately 1,000 shopping malls will shut their doors during the next three to five years.