As I first reported in my story early last month, Simon Property Group Inc. has found a dance partner for the aging Bradenton mall, which has slipped into foreclosure.
The buyer has not been identified, but a commercial broker familiar with the deal said the company carries a recognizable name and plans to renovate the property into a discount-oriented shopping center once the transaction closes.
Waiting and waiting.
More than a month later, the deal seems to be progressing, but nothing is final at this point. A special servicer assigned to case has not posted any new notes since June 6. The letter of intent on the property remains in place.
Simon, the world largest shopping mall owner, has been delinquent on its payment 10 of the last 12 months. The company's $61.9 million loan on the 492,997-square-foot portion of the mall it owns fell into danger of immanent default in 2010, according to Trepp, a real estate analytics firm.
Waiting and waiting.
Now, Patrick Berman, senior director of the retail brokerage at Cushman & Wakefield of Florida Inc., has been ordered to stop commenting. This comes after he claimed last month to not only know the buyer, but also was aware of its intentions for the property as well.
Of course Simon, and the commercial firm it has hired to market the mall, won't comment.
Waiting and waiting.
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