The retrofitting of suburban mall and big box retail spaces continues in Frazer, Pennsylvania. Pittsburgh Mills Mall went from a value of $190 million over a decade ago to an appraisal of $11 million in August, and now this current sale for the price of a pair of shoes. Nearly half of the stores are empty. Brian Rittmeyer of Trib Live reports on two reasons for the dropping value:
1) The decade-old mall’s value has been plummeting—from $190 million a decade ago to an appraisal of $11 million in August—and nearly half of its storefronts are empty. Key tenants have been lost over the years, including a Sears Grand.
2) Ziencik said many of the mall’s hits have come not from the property itself but from larger corporate shutterings and bankruptcy filings. Going forward, she expects to see the mall repopulated with tenants that are not traditional retail.
For the full story, read more at Trib Live.