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UPDATE: Southlake Mall under new management after owner defaulted on debt in Israel, reportedly faces foreclosure
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Southlake Mall, which has been Northwest Indiana s premier shopping destination since it opened in 1974, is again under new management after its owner defaulted on debt in Israel and now reportedly faces foreclosure.
California-based Pacific Retail Capital Partners and New York City-based Golden East Investors were appointed to oversee seven Starwood malls, including the 1.36 million-square-foot Southlake Mall at U.S. 30 and Mississippi Street in Hobart.
The holders of bonds totaling 910 million Israeli shekel, or about $250 million, selected the companies late last year as trustees to manage Southlake, as well as Belden Village Mall in Canton, Ohio; Capital Mall in Olympia, Washington; Great Northern Mall in North Olmsted, Ohio; Parkway Plaza in El Cajon, California; Plaza West Covina in Covina, California; and Franklin Park Mall in Toledo, Ohio.