Pittsburgh Mills mall scheduled for foreclosure auction
TARENTUM (AP) – One of the biggest indoor malls in Pennsylvania is set to hit the auction block.
The 1.1 million-square-foot Galleria at Pittsburgh Mills is scheduled for sale Wednesday. It’s located along Route 28 in Frazer Township, about 20 miles northeast of Pittsburgh.
It was developed by Johnstown-based Zamias Services Inc. and Mills Corp. a Virginia firm that has since gone bankrupt. Wells Fargo Bank foreclosed last year on the mall which opened in 2005. The mall was once worth $190 million but recently appraised at just $11 million.
Pittsburgh Mills Limited Partnership, which owns the mall and is owned by Zamias, owes Wells Fargo about $143 million including deferred payments and interest on a $133 million loan taken out in 2006.
It’s possible the bank will buy the mall and try to revive the property.