Jump to Navigation
We can handle your closing anywhere in the state.
Subscribe to This Blog's Feed

Two Charleston properties change hands after foreclosure sale

Two large shopping centers in Charleston - the Citadel Mall and the West Ashley Shoppes - have come under new ownership in a move that may signal the sale of the properties in the near future. The Citadel Mall was essentially repossessed by its mortgage holders after no offers were made at the foreclosure sale in downtown Charleston. The minimum bid at the public auction was set at $65 million. The mall's mortgage lenders formed a new entity in July 2103 that now owns the commercial real estate. They plan to oversee the mall's operations until it can be put back on the market.

Citadel Mall is a 1.1 million-square-foot shopping center that is one of the largest in South Carolina. It was previously owned by a company related to CBL & Associates Properties, a firm based in Tennessee. In May of 2013, CBL started falling behind on mortgage payments and a judge appointed a company known as Spinoso Real Estate Group to operate the mall. This group will continue to act as property manager for the shopping center under the new ownership. At the time of foreclosure, CBL owed over $64 million of the $75 million originally loaned to them in 2007.

The change in ownership will likely have little effect on customers and tenants. One mall representative stated that retailers, vendors and customers should not expect any changes in the typical daily operations. The larger anchor tenants in the mall actually own their own sites within the center, so there will be no effect on those businesses either.

One attorney commenting on the foreclosure stated that it has become more common for banks to take back commercial property since the recession began. While the day-to-day business within both the Citadel Mall and the West Ashley Shoppes will not be affected, creditors do still intend to reopen bidding on the properties eventually. The properties may change drastically depending on if and when they are sold.

Source: postandcourier.com, "Lenders repossess Charleston's Citadel Mall, West Ashley Shoppes at foreclosure sale" Abigail Darlington, Jan. 07, 2014

No Comments

Leave a comment
Comment Information
Tell Us About Your Transaction

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Visit Weeks & Irvine at One of Our Six Locations

North Charleston office 8086-B Rivers Avenue
North Charleston, SC 29406
Phone: 843-553-9800
Toll Free: 800-553-7449
Fax: 843-553-9804
Maps and Directions

Mt. Pleasant office
1100 Queensborough Blvd, Suite 102
Mt. Pleasant, SC 29464
Phone: 843-856-9800
Toll Free: 800-553-7449
Fax: 843-216-0930
Map and Directions

Mt. Pleasant North office
3040 Highway 17-A North, Suite B
Mt. Pleasant, SC 29466
Phone: 843-388-3250
Toll Free: 800-553-7449
Map and Directions

West Ashley office
873 Orleans Road, Suite 102 1/2
Charleston, SC 29407
Phone: 843-571-2996
Toll Free: 800-553-7449
Fax: 843-571-2998
Map and Directions

Summerville office
106 West 7th North St
Summerville, SC 29483
Phone: 843-875-7111
Toll Free: 800-553-7449
Fax: 843-875-7721
Map and Directions

Goose Creek office
567 Crowfield Blvd.
Goose Creek, SC 29445
Phone: 843-553-9100
Toll Free: 800-553-7449
Fax 843-553-9183
Map and Directions