Business & Tech
Lenders Foreclose On Town Center At Cobb
Town Center at Cobb, located in Kennesaw, will now be managed by its lead lender, Deutsche Bank Trust, and other investors.
KENNESAW, GA — Lenders foreclosed on Town Center at Cobb Tuesday afternoon after they posted legal notices of the foreclosure in the Marietta Daily Journal last month.
Deutsche Bank Trust claimed the property from Simon Property Group, according to the MDJ, which also owns Lenox Square and Phipps Plaza in Atlanta. The Town Center at Cobb section of Simon Property Group's website was taken down as of Wednesday afternoon.
Deutsche Bank is the lead lender and trustee for a $200 million loan for the mall, granted in 2012. Attorney Matthew Norton of the law firm Polsinelli said the bank and other investors in the loan will now manage the property.
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
The lender set a bid of $130.4 million, but no bids were made on the mall, which is home to more than 170 stores such as JC Penney, Macy's and Belk. In the legal notice, it said the mall would be sold "at public outcry to the highest bidder for cash before the courthouse door of Cobb County" — but the "public outcry" was read to an empty Flournoy Park, according to the MDJ.
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.