- Associated Press - Monday, February 22, 2016

TARENTUM, Pa. (AP) - The value of a Pittsburgh-area mall that’s in foreclosure has dropped precipitously.

The Pittsburgh Tribune-Review (https://bit.ly/1L5KQ72 ) says the Galleria at Pittsburgh Mills is now worth just $30.8 million, down from $190 million in late 2006. The mall is located along Route 28 in Frazer Township, about 20 miles northeast of Pittsburgh.

New York City-based Trepp LLC provided the new value. The company does market research for banks and real estate companies.

Wells Fargo foreclosed on the mall in November, saying Pittsburgh Mills Limited Partnership, owned by Johnstown-based Zamias Services, owes about $143 million on the original $133 million loan taken out in 2006. The loan matured in April.

Jones Lang LaSalle Americas, a turnaround firm, has been appointed by the court as receiver to operate and manage the mall.



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