Print
Real Estate - Commercial

Rouse REIT Offers To Buy Independence Mall

By Cece Nunn, posted Mar 3, 2017
Rouse Properties Acquisitions LLC has entered into a purchase agreement for Independence Mall in Wilmington. (File photo)
Independence Mall's potential buyer is named as Rouse Properties Acquisitions LLC in court documents.

Madison Marquette, the company that operates Independence Mall and the receiver in the mall's foreclosure case, entered into a purchase and sale agreement with Rouse Properties Acquisitions as of Feb. 16, the court documents state. The information is part of a motion seeking a judge's approval for the sale.

The documents do not include a sale price for the regional indoor shopping center at 3500 Oleander Drive in Wilmington.

Foreclosure proceedings on part of the mall, which opened in 1979 and was renovated in 2001, began in 2014 after Centro Independence LLC, owner of nearly 500,000 square feet of the property including the JC Penney wing, defaulted on a $110 million J.P. Morgan loan. 

A company spokesman for Rouse Properties Inc., a publicly traded (NYSE:RSE) real estate investment trust that owns and manages 35 regional malls and retail centers in 21 states, had no comment Friday about Independence Mall.

New York-based Rouse, a spin-off of General Growth Properties that is owned by affiliates of Brookfield Asset Management, owns two malls in North Carolina -- Greenville Mall in Greenville and Valley Hills Mall in Hickory, according to the firm's website. 

Officials with Madison Marquette have said they do not comment on the mall's financial information or leasing and sale negotiations. 

In October, the special servicer commentary in a report on the mall's loan by Trepp, a firm that maintains a database of securitized mortgages for the commercial real estate and banking industries, said a buyer had been identified and the deal is expected to close this quarter, pending court approval of the sales contract.

Story On The Map

Ico insights

INSIGHTS

SPONSORS' CONTENT
Chris coudriet headshot 300x300 10211545555

County projects are Investments in Our Future

Chris Coudriet - New Hanover County Government
Billhunter300x300 b&w

The Rise of "No-Click Search Results"

Bill Hunter - Wilmington Design Company
Nealjohnson 12191614553

Interior Decorating Dos and Don’ts

Neal Johnson - Network Real Estate

Trending News

New Firm Chooses Dutch Square Industrial Park Space For Headquarters

Cece Nunn - May 23, 2018

Live Oak Bank Launches Franchise Restaurant Lending Vertical

Jenny Callison - May 23, 2018

COO Of Wilmington Realtors' Group Hired As CEO Of San Antonio Association

Cece Nunn - May 23, 2018

Work To Begin Soon On Permanent Campus For Girls Leadership Academy Of Wilmington

Cece Nunn - May 24, 2018

Marina Grill Launches Riverfront Music Series

Jessica Maurer - May 23, 2018

In The Current Issue

Local B&Bs Face Changing Industry

Gwenyfar Rohler is transforming her childhood home, a 120-year-old house at 1817 Market St., into a bed and breakfast inn....


Student Loan Debt Still A Concern

It might come as a surprise, but one of the hottest topics at an annual convention of bankruptcy attorneys was student loan debt. There are...


Addressing The Area’s Food Deserts

“If we can find a model that works, we would like to replicate what we can in other parts of Wilmington or the region,” said Scott Whisnant,...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2018 Power Breakfast: The Main Event
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes