Properties at Foreclosed Pittsburgh Mills Mall to Be Sold - NBC 10 Philadelphia

Properties at Foreclosed Pittsburgh Mills Mall to Be Sold

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    Properties at Foreclosed Pittsburgh Mills Mall to Be Sold
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    Some properties of a foreclosed Pittsburgh-area mall are scheduled to be sold Jan. 18.

    The parcels include the land on which the 1.1 million-square-foot Galleria at Pittsburgh Mills is located, as well as several vacant commercial parcels nearby.

    The mall is located along Route 28 in Frazer Township, about 20 miles northeast of Pittsburgh.

    It was developed by Johnstown-based Zamias Services Inc. and Mills Corp. a Virginia firm that has since gone bankrupt. Wells Fargo Bank foreclosed last year on the mall which opened in 2005. The mall was once worth $190 million but recently appraised at just $11 million.

    Pittsburgh Mills Limited Partnership, which owns the mall and is owned by Zamias, owes Wells Fargo about $143 million including deferred payments and interest on a $133 million loan taken out in 2006.