- Associated Press - Friday, January 25, 2019

CHARLESTON, W.Va. (AP) - A West Virginia mall has been sold for $35 million to a financial group who sued a previous owner of the mall for defaulting on a loan.

News outlets report U.S. Bank National Association purchased Charleston Town Center mall at an auction Thursday. The mall’s marketing director says the move successfully brings the mall out of receivership.

The mall went into receivership after former owner Charleston Town Center SPE Inc. defaulted on a more than $90 million loan in 2017. Real estate group CBRE was installed as a court-appointed receiver for the mall and has been running some day-to-day operations, including keeping the lights on and paying bills.

The mall opened in 1983 and has seen some financial struggles. Most recently, Macy’s announced its store there will be closing.

Sign up for Daily Newsletters

Manage Newsletters

Copyright © 2020 The Washington Times, LLC.

Please read our comment policy before commenting.


Click to Read More and View Comments

Click to Hide