The Chico Mall has been foreclosed on by LNR Partners. LNR filed to foreclose on the property in February 2009, but the asset was soon part of General Growth’s bankruptcy filings. Shortly after GGP re-organized in January, LNR exercised their right to foreclose on the property.
Built in 1988, the mall totals over 502,000 square feet and was originally anchored by JC Penney, Sears and Gottschalks. The property lost Gottschalks Department Store to bankruptcy in March 2009, but the space was soon backfilled by Forever 21.
The outstanding loan amount of the first mortage, which was part of the CD 2005-CD-1 securitization, is reportedly $42 million.
