From TV, CBL just filed for bankruptcy. CBL has been a slow motion train wreck for a couple of years, so no surprise on the bankruptcy. Just how much value do 2nd and 3rd tier malls have these days?What could these properties be repurposed for?With over $3 billion in debt, the creditors will be taking a bath most likely!
And it is up 37% for the day. With a market cap of $37 million (at start of the day) and debt of about $3.7 billion, I do not see equity holders getting anything beyond a tax write-off.
Gyms, offices, apartments...parking lots.
I was thinking more of the following:1) Redeveloped into more service and entertainment oriented tenants along with some retail - this is basically what a lot of mall owners were "trying to do", but mostly with limited success. 2) Turning some of them (or part of some of them) into some type of warehousing or distribution centers, a lot of them have a few loading docks and most of them are reasonably close to interstates. 3) Just tear them down. As far as gyms, offices, apartments or parking lots.Gyms and offices are kind of down and out right now. If things turn around how much more space would these uses need? Our local failing mall probably equals the sq ft of every fitness center in the county. Apartments? Building codes in most places require bedrooms to have windows, so the existing structures would be tricky to turn into apartments. Parking - for what?I know of two failed malls here in Arkansas, one has been torn down and replaced with a Target and bunch of stand alone restaurants. The other is mostly a call center for telemarketers and the remainder is a venue that competes with the local convention center - to the detriment of both places.
The Sears at our local mall is being converted to 3 different stores above ground and a storage unit facility in the basement. It looks like a mix that will greatly improve traffic at that end of the mall compared to the past 10-20 years of Sears action there.
Well if they are 20 yrs. old, a tear down would be necessary...start fresh....housing, housing, housing, parking deck for those living there, a grocery store...perhaps small scale like Lidl and Aldi’s, a little room for fitness equipment for tenants only.Land is valuable...those with the money and the patience will find someway to make money, that’s for sure. :)Lucky Dog
I wonder if Antifa and BLM and other anarchist groups Why are you bringing politics into these boards? Please stop.
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