Century III Mall to close, going up for Sheriff's Sale

TheFugitive · April 13, 2018, 08:14:14 AM

Century III Mall in West Mifflin, PA is finally closing it's doors.

The mall will be going up for Sheriff's Sale on June 4. Evidently the owners
have not been paying their taxes. The mall is virtually vacant as it is. The
remaining tenants have been given notice to vacate.

End of an era.

http://pittsburgh.cbslocal.com/2018/04/12/century-iii-mall-sheriffs-sale-posted-notice/

retailisking · April 13, 2018, 05:13:23 PM

While the mall's owner is apparently in arrears on taxes, the sheriff's sale is over a dispute with Sears; the proceeds from the sale will go towards paying Sears what's owed them. I'm not seeing any confirmation that the mall is closing; at least one tenant insists that his lease agreement is pretty ironclad about not being forced to vacate.
https://www.bizjournals.com/pittsburgh/news/2018/04/13/century-iii-mall-faces-sheriffs-sale-from-dispute.html

TheFugitive · April 16, 2018, 07:50:23 AM

Local reporting on this is all over the board as to whether the mall is closing or not
and whether notices to vacate have been given. The rumors that UPMC wants to buy the
mall and build a hospital on the site are back. Apparently their plans to build in
South Fayette Township fell through.

The mall owners owe the school district $322,000. Commercial properties have gotten
much further in arrears than that without a Sheriff's Sale.

esw01407 · April 16, 2018, 08:17:51 AM

Reading the arbitration agreement is something. Sears valued the building at 9+ million, Moonbeam valued it at NEGATIVE 11 million. Arbitrators valued it at little under 4 million.

XISMZERO · April 16, 2018, 12:21:29 PM

Moonbeam also owes million$ in back taxes for ShoppingTown in Dewitt, NY.

Same story, surely that mall will follow suit.

TheFugitive · April 16, 2018, 01:29:03 PM

Moonbeam appears to be trying to drive the value of Century III below zero
with very shoddy maintenance of the facility and surrounding lots and driveways.

TheFugitive · June 04, 2018, 02:24:59 PM

The Sheriff's Sale of Century III, which was supposed to take place today,
was postponed suddenly and without explanation. No new date has yet been announced.

danfifepsu · June 04, 2018, 11:22:26 PM

Quote from: TheFugitive on June 04, 2018, 02:24:59 PM
The Sheriff's Sale of Century III, which was supposed to take place today,
was postponed suddenly and without explanation. No new date has yet been announced.

about time it clsoes

retailisking · June 04, 2018, 11:49:50 PM

Quote from: TheFugitive on April 16, 2018, 01:29:03 PM
Moonbeam appears to be trying to drive the value of Century III below zero
with very shoddy maintenance of the facility and surrounding lots and driveways.

I think it's more about having a flawed business model and not wanting to throw good money after bad.

TheFugitive · June 05, 2018, 01:18:06 PM

Quote from: retailisking on June 04, 2018, 11:49:50 PM
Quote from: TheFugitive on April 16, 2018, 01:29:03 PM
Moonbeam appears to be trying to drive the value of Century III below zero
with very shoddy maintenance of the facility and surrounding lots and driveways.

I think it's more about having a flawed business model and not wanting to throw good money after bad.

One of the shoppers quoted in the article I posted said the same thing. Would not put their own money into it.

The Old Mexico restaurant finally moved out to its new location. MasterCuts closed (ran into a girl at BoRics who had transferred there). Not much left aside from JC Penney and Dick's Sporting Goods.