- Associated Press - Thursday, December 24, 2015

COLORADO SPRINGS, Colo. (AP) - The Colorado Springs mall has been sold for $20 million, well below its previous selling price of $153.2 million.

The Gazette reports (https://bit.ly/1QObAuo ) that according to documents recorded Wednesday in the El Paso County Clerk and Recorder’s Office, a New York investment group this week purchased The Citadel mall. When The Citadel sold in 2007 the now-former owners paid nearly eight times that price.

Three limited liability companies formed by Namdar Realty Group, Mason Asset Management and CH Capital Group bought The Citadel from partnerships controlled by a Maryland-based lender. The lender took over the mall from financially troubled owners in Arkansas, who had bought it in 2007.

Mason President Elliot Nassim declined to say what plans they have for the newly acquired mall.

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Information from: The Gazette, https://www.gazette.com


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