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Pittsburgh Mills Galleria Mall Sold For $100 At Foreclosure Auction (Formerly Valued At $190 Million)

ConfoundedInterest  |  Anthony Sanders

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I wonder if the $190 million to $100 decrease is reflected in the Moody’s/RCA retail real estate index?

Remember, that the NY Fed’s Bill Dudley sounded an alarm on retail sales .. and what to do about it. But when average hourly earnings YoY is the worst recovery from a recession since 1965, it is difficult for a retail mall (NON-elite) to succeed.

But $190 million to $100? Let’s throw in locational factors as an impediment to success as well. But in the Obama “Recovery” era of low wage growth and add in Amazon for online shopping, this is not a fairy tale that ends well.

I certainly hope this property is not held by a pension fund! They have enough problems with massive underfunding already. (The property was held in a trust MSCI 2007 HQ11 recently).

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