Wilmingtonbiz logo
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

Join The Discussion

Similar Stories

Book On Business

Bob2017

The 2017 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!
Print Only
$24.95 - Qty
Print + Excel File
$79.95 - Qty

In The Current Issue

Wilmington Health CEO Talks Pharma

Pharmaceutical manufacturer Pfizer recently asked Wilmington Health CEO Jeff James to participate with other health care industry representatives in a discussion on driving change to bring new medications to market safely and more efficiently.

Tidewater Brings Investments Dollars To Area

There’s a new kid on Wilmington’s venture capital block. Tidewater Equity Partners opened its headquarters here earlier this month after lau...

Service, Niche Retailers On Rise

New retail development on the way to the Cape Fear region is increasingly being leased by service and niche retailers as others find ways to...

Ico topnews Editor's Picks

PlayerSpace Named Coastal Entrepreneur Of The Year

Christina Haley O'Neal - About 17 hours ago Trending News

Far From France, Duck Donuts Welcoming Customers This Week

Jessica Maurer - About 19 hours ago Trending News

Downtown Bookstore Owner Retiring, Hopes Story Continues

Cece Nunn - May 23, 2017 Trending News

Global Nuclear Fuel's New Product Completes Regulatory Process

Christina Haley O'Neal - May 23, 2017
Other

Markraft Cabinets

MarKraft Cabinets specializes in cabinet and countertop design and installation in both new residential and commercial construction, as well as custom remodeling projects.

Ico trending Trending News

Ico newsinimages News in Pictures

Have a tip, pitch or guest column?  Send us a tip.

Gallery Galleries

Video Videos

Wilmington's Most Intriguing People of 2016
WilmingtonBiz Expo - Key Note Lunch with Keynote Lunch with Chip Mahan - 2016

Register to Continue Seeing Wilmington's Best Business Coverage!


There are three ways to register for free.

Sign in with LinkedIn, Facebook or create an account:



Already registered? Login here.

Your free registration includes:

  • Access to 10 articles per month on WilmingtonBiz.com
  • Email updates to stay informed on local business news
  • A mobile optimized website
  • Advanced notification of Business Journal events
  • Management of your digital and print subscriptions
Laptop iphone ipad