Westdale Says It Was Tricked Into $25M Mall Purchase

Law360, New York (November 18, 2011, 12:34 PM EST) -- A supermarket anchoring a North Carolina shopping center hid financial woes and closed after Westdale Recap Properties Ltd. paid $25 million for the mall, the buyer claims in a conspiracy and fraud suit filed Thursday that names a Blackstone Group LP unit as a defendant.

A manager at the Kroger grocery in the Wakefield Commons shopping center in Raleigh told Westdale's agent in 2010 that the supermarket was doing well, the complaint alleges. But on May 9 — five days after the purchase was closed —...
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