![]() shipping boxes and office supplies available. Jager did not return a call seeking comment. Get directions, store hours, and print deals at FedEx Office on 2650 E 3rd St, Bloomington, IN, 47401. ![]() It bought Northland in 2008 for $27.9 million, inheriting the mortgage taken out by the mall's previous owner, Jager Management, now based in Jenkintown, Pa. The mall appraised for as much as $60 million in 2007, but only $12 million in April the firm hasn't made a payment since spring.Īn Ashkenazy subsidiary was the original borrower in 2006 for Eastland's $46 million mortgage. The mall is owned and managed by Eastland Mall Holdings, LLC. ![]() There are 4 vacant anchor stores that were once Lazarus, JCPenney, Sears, and Macy's. More children living in poverty now than during recessionĮastland still owes $42 million on its original $46 million loan taken out in 2006, which featured a four-year interest-only period. Eastland Center remains open yet is also in receivership with a 77% occupancy rate, according to Bloomberg data. Australian Geographic acknowledges the First Nations people of Australia as traditional custodians, and pay our respects to Elders past and present, and their. Eastland Mall is an enclosed shopping mall in Columbus, Ohio. City Chic is the ultimate one-stop shop for dresses, jeans, tops and shoes for. Northland Center was given a $31 million mortgage in 2005 with a one-year interest-only period. The mall closed in April following years of decline and will soon be sold for a mere $2.4 million to the City of Southfield by a court-appointed receiver. There was still $27 million owed on its $31 million mortgage when Ashkenazy stopped payments last year.ĭespite dwindling vacancies, Northland still generated more than $4 million in net income as recently as 2011, according to Bloomberg data. Shop the latest fashion in plus size clothing and lingerie from City Chic. That's what happened to Northland and Eastland. They were not, however, out of line with commercial loans in general, which tend to undergo multiple refinancings and aren't necessarily paid off over time like traditional house debt.īut refinancing gets difficult when the value of a shopping center drops far below its mortgage amount. Some mall owners have tried to counter or at least slow the decline by keeping their properties up-to-date and adding attractions such as aquariums.įree Press interviews with local elected and economic development officials suggest the mall owners made few renovations or upgrades while still collecting millions in annual revenues.Įxperts say the mortgages on both malls - big 10-year loans with modest installments leading to balloon payments - were overly ambitious for second-tier shopping centers. Hey bestie, need a style upgrade Ally is your go-to clothing store for the hottest dresses, tops, pants, accessories & more Buy womens clothing online. Get information about opening hours, store list directions with map and GPS. The traditional, middle-income shopping mall business model has come under pressure across the country in this age of . Eastland Shopping Centre offers more than 362 stores and other services such as cinemas or restaurants.
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