AP NEWS

West Virginia mall sold for $35 million to financial group

January 25, 2019

CHARLESTON, W.Va. (AP) — A West Virginia mall has been sold for $35 million to a financial group who sued a previous owner of the mall for defaulting on a loan.

News outlets report U.S. Bank National Association purchased Charleston Town Center mall at an auction Thursday. The mall’s marketing director says the move successfully brings the mall out of receivership.

The mall went into receivership after former owner Charleston Town Center SPE Inc. defaulted on a more than $90 million loan in 2017. Real estate group CBRE was installed as a court-appointed receiver for the mall and has been running some day-to-day operations, including keeping the lights on and paying bills.

The mall opened in 1983 and has seen some financial struggles. Most recently, Macy’s announced its store there will be closing.

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