Gone to the Mall
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|Last summer, Jones Lang's Rick Vita was appointed receiver of the 1.6M SF Valley View Center. Rick tells us the mall declined in recent years, so JLL will work with the bank to make it more presentable to the public and potential buyers. As receiver, JLL's tasked with stabilizing the property by analyzing its income and expenses and adjusting accordingly. Rick tells us the leasing staff has started contacting tenants whose leases are renewing this year and in 2011. He expects the new leases to be short term as the tenants wait to see if the property is redeveloped or sold. Ultimately, Rick says his efforts provide a solution for the previous owner and the bank to negotiate loan issues and possibly avoid bankruptcy. For now, you can still grab a sandwich at Subway or a snack for the road at Wetzel's Pretzels.|