Bankers are reportedly set to take a minority stake in the two largest malls in North America after their owner defaulted on its massive, 3.3 million-sq.-ft. retail and entertainment development in New Jersey.
City Place, a 14-acre, big-box center in downtown Long Beach, Calif., that was the site of the Long Beach Plaza Mall appears headed for redevelopment as a mixed-use center.
Plentiful financing offered to retail chains stymied by the COVID-19 pandemic allowed many whose businesses had already been declining to hang on to life in 2020. But 2021 could be their downfall.
