Triangle Town Center in Raleigh facing foreclosure
There's a potential sale happening at Triangle Town Center, but the merchandise isn't being sold. It's the mall itself that could soon wind up on the auction block, according to a public notice printed in the Tuesday edition of The News & Observer newspaper.
Property owners at the mall, which features Saks Fifth Avenue, Dillard's and Macy's as anchor tenants, are said to be grappling with a debt load of nearly $100 million after they purchased the mall about three years ago for $174 million.
Unless the mall's owners, CBL & Associates and DRA Advisors, are able to strike a last-minute deal with their lender, the north Raleigh mall, which sits on 70 acres near Capital Boulevard, is expected to hold a foreclosure sale on July 11.
As part of the purchase three years ago, DRA became the shopping center's new majority owner and had to take over $171 million in existing debt.
A spokesperson for the mall told WRAL News: "Triangle Town Center will continue to operate as normal as we work with the lender to finalize the foreclosure."
If the mall does end up in foreclosure, no one can say what will happen to its tenants.
Malls across the country, faced with tenants that are fleeing in droves because of the popularity of online shopping, are struggling to stay relevant by reinventing themselves.
"You know, just one swipe and you've got something the next day with Amazon Prime so it just makes it really convenient rather than getting in the car in 95 degree heat to make your purchase," one shopper said.
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