Landlords have malls they’d like to unload. But who’d want to buy them?
As they battle the rise of e-commerce, U.S. mall owners are trying to clear their books of fading centres so they can focus on the most-profitable ones. That’s proving difficult, with just a shallow pool of investors who are willing to take on a declining mall and even fewer who would pay what the landlords want. Only about US$3 billion of retail real estate changed hands in April, a 27 per cent drop from a year earlier and the lowest monthly tally since February 2013, according to the latest data from Real Capital Analytics Inc.. . . more