GSIG LLC
After Simon Property Group refused dispute a $53.2 million foreclosure judgment, the Palm Beach Mall is headed to auction and its future remains uncertain.
The 1.2 million-square-foot mall in West Palm Beach, Florida is set for public sale on March 4th, 2010. Following a January 20th, 2010 judgment in favor of a commercial mortgage-backed securities (CMBS) fund with Wells Fargo Bank as trustee,
All the interior stores, including Sears, in the mall closed on January 30th. However, JCPenney and George’s Music, which have outside entrances, remain open. It is not clear what the CMBS fund plans to do with this 42-year-old mall.
No one was available to comment.
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