Bank buys foreclosed Pgh. mall — from itself
TARENTUM (AP) — Wells Fargo Bank has purchased one of the biggest indoor malls in Pennsylvania from itself — for $100.
That’s how much the bank paid for the 1.1 million-square-foot Galleria at Pittsburgh Mills on Wednesday.
The mall in Frazer Township, about 20 miles northeast of Pittsburgh, was sold at a foreclosure auction.
Wells Fargo foreclosed last year on the mall which opened in 2005. The mall was once worth $190 million but recently appraised at just $11 million and is slightly more than half occupied.
Wells Fargo foreclosed because Pittsburgh Mills Limited Partnership owed the bank more than $143 million on a 2006 loan.
Observers had speculated the bank — which was the only bidder — would buy the mall and attempt to revive it.
Wells Fargo didn’t immediately comment on its plans.