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Bayshore Town Center acquired to avoid foreclosure

Bayshore Town Center in Glendale was acquired by its new owner in a deed in lieu of foreclosure transfer, according to state records filed on Monday.

The property was transferred to an affiliate of New York-based AIG Global Real Estate Services.

“AIG Global Real Estate sees value in an enhanced Bayshore Town Center that benefits tenants, consumers, and the local community,” Douglas Tymins, president and CEO of AIG Global Real Estate, said in a written statement last week. “We look forward to the progress to come through the expert management of this property.”

Tymins could not be reached for further comment. The former owner, New York-based Olshan Properties, declined to comment.

The 38.4 acre parcel, which includes the retail mall, apartments and office tenants, is valued at $97.4 million, according to the real estate transfer information filed with the state.

This year, Bayshore has undergone two management changes and also several discussions about redevelopment plans on the north end of the mall including adding a Nordstrom Rack at the recently demolished former Sears store site.

Glendale City Administrator Rachel Reiss said city officials will meet with the new owners later this week to discuss the future of the mall.

“We’re hoping for redevelopment of the north end,” Reiss said.

Reiss said she was unaware of any financial trouble the former owners were in and all of Bayshore’s finances were current with the city.

Columbus, Ohio-based Steiner Associates did a $300 million redevelopment project to transform Bayshore Mall into Bayshore Town Center. That project was completed in 2006.

Article source: https://www.biztimes.com/2017/industries/real-estate/bayshore-town-center-acquired-to-avoid-foreclosure/

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