Independence Center Mall Headed for Foreclosure Sale

INDEPENDENCE, Mo. -- There’s a new sign of trouble for Independence Center Mall. It’s headed for a foreclosure sale.

According to Trepp, the sale is set for February 16. Trepp is a firm that specializes in researching commercial mortgage-backed securities.

Simon Property Group currently owns the shopping center. The more than one-million-square-foot facility originally opened in 1974.

The Senior Managing Director of Trepp, Manus Clancy, said, “$200 million in debt for the Independence Mall was due in July 2017 but was not paid off.”

He added the mortgage holder could lose $60 million to $70 million in the foreclosure.

According to Clancy, in 2007 the property was valued at $250 million. Last summer, he says, that dropped to $136 million.

Read More
Categories:
This post was published on Thursday, February 8th, 2018
LANE4 Group works to right size your Commercial Real Estate needs whether in leasing, development or management of your property. To learn more about the LANE4 difference, we encourage you to contact us.
LANE4 is a Kansas City based commercial real estate agency that transforms challenges into opportunities. We offer a full-service approach, focusing on leasing, development, and management for retail, office, mixed-use, civic, and multifamily projects. We’re committed to building collaborative partnerships that help transform our communities.
Address
4705 Central Street
Kansas City, MO
64112

Ph: (816) 960-1444
More Information
Investor Login
crossmenu