Article Image

IPFS News Link • Business/ Commerce

Pittsburgh Mills Mall Sold For $100 At Foreclosure Auction

• http://pittsburgh.cbslocal.com

The sprawling Galleria at Pittsburgh Mills mall has been in trouble ever since it opened its doors 11 years ago. After defaulting on that $143 million loan, the bankruptcy court put it up for auction.

Wells Fargo Bank was owed the money from a 2006 loan and submitted the winning bid for the 1.1 million-square-foot mall. The bank was acting as trustee for MSCI 2007 HQ11, the trust that bought the mall in suburban Frazer Township.

Wells Fargo foreclosed last year on the mall, which opened in 2005. Pittsburgh Mills Limited Partnership defaulted on the loan.

KDKA's Paul Martino: "You're protecting the interests of the bank, right?"

Wells Fargo Attorney Nick Godfrey: "That's correct, yeah. And the process here will play out. Like I said, I can't comment further at this time."


ContentSafe