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.