Developer Snags Troubled Phoenix Mall From Receivership

Law360, New York (January 23, 2012, 6:58 PM EST) -- A troubled mega-mall in Phoenix has sold for $12.2 million — a tiny fraction of its $155 million sale price in 2005 — according to a statement Monday from Rockwood Real Estate Advisors, which marketed the property for a court-appointed receiver after it floundered under private investor ownership.

The 1.4 million-square-foot Metrocenter Mall, which has seen steep retail revenue declines since the onset of the recession, went to Carlyle Development Group, a New York-based development company specializing in retail and multifamily residential properties.

It was bought...
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