Triple Five Gains Control Of Xanadu Site In NJ

Law360, New York (August 1, 2013, 5:10 PM EDT) -- Triple Five Group Ltd. has formally taken control of the one-time Xanadu property in New Jersey from the lenders of a previous developer who abandoned the unfinished entertainment and retail complex, a spokesman for the company said Thursday.

After months of negotiation, the Canada-based developer on Wednesday completed the transaction with the one-time lenders of a Colony Capital LLC affiliate for the Meadowlands property near MetLife Stadium, spokesman Alan Marcus told Law360. Details of the transaction were not disclosed.

The closing should help Triple Five move...
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