Newspaper article St Louis Post-Dispatch (MO)

Chesterfield Mall Foreclosure Expected to Finalize Soon; Flooded Dillard's Won't Reopen until 2017

Newspaper article St Louis Post-Dispatch (MO)

Chesterfield Mall Foreclosure Expected to Finalize Soon; Flooded Dillard's Won't Reopen until 2017

Article excerpt

CBL & Associates Properties expects the foreclosure of Chesterfield Mall to be finalized before the end of the year or early in 2017.

The foreclosure will not affect operations at the 1.3 million- square-foot mall, which will remain open, the company that's managing the property said Monday.

Chattanooga, Tenn.-based CBL provided an update on the west St. Louis County mall in a regulatory filing last week as part of its quarterly earnings report. Three CBL malls were placed in receivership last quarter, including Chesterfield Mall, the company said in the filing, adding: "We expect these foreclosures to be completed before year-end or in early 2017."

After it was placed in receivership in August, CBL transferred management of Chesterfield Mall to Washington-based Madison Marquette Retail Services as a new owner is sought for the property.

"The foreclosure will not affect the day-to-day operations of the mall," Madison Marquette's Vice President of Marketing Robyn Marano said in an email. …

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