Through the pandemic and a Chapter 11 restructuring, one of the nation’s largest owners of regional malls reports that it put tenants in 1.4 million sq. ft. of newly leased space as it attempts to transform its portfolio into suburban town centers.
Phillips Edison chief Jeff Edison’s top concern was his tenants when COVID-19 shut down nail salons, fitness centers, and other non-essential businesses in his centers.
Victor Sahn has specialized in bankruptcy law going on 40 years, and he says that what’s happening in retail Chapter 11 situations during the pandemic is something entirely new.
The Feil Organization’s renovation of Concourse Plaza, a 311,000-sq.-ft. center four blocks from Yankee Stadium in the Bronx, continues four years after it began.
Big mall owner PREIT has filed for Chapter 11 protection to gain access to an additional $150 million to extend its debt maturity schedule and allow it to follow through with planned strategic moves.
