America’s premier owner and operator of malls, Simon Property Group, marked 13 of its properties as “non-core” in its last earnings report. Just weeks before, it gave its 1.2 million-sq.-ft. Town Center at Cobb back to the bank when no one bid on it at auction.
Last month, the New York Life Insurance Company hired Trademark to remake the 1.3-million-sq.-ft. North Point Mall in Alpharetta, Ga., into a mixed-use center after Brookfield Property handed New York Life back the deed.
A Bloomberg study of reappraisals of retail real estate properties with commercial mortgage-backed securities debt concluded that pandemic lockdowns caused a 60% decline in mall values, and that 118 properties were worth $4 billion less to investors than they were in 2019.
Source: Chain Storeage