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Under New Management, Fashion Square Sees Stores Close, Risks Sale | Local News

After a request from Midland Loan Services, Fashion Square’s special service, a judge in March approved Krista Freitag’s appointment as a special service. Freitag then hired The Woodmont Company to manage and lease the property.

Neither Freitag nor representatives for The Woodmont Company responded to multiple requests for comment.

In a June comment from Trepp LLC, a New York-based commercial real estate research and data provider, the company noted that Midland “is evaluating the property to determine the right time to put it on the market for sale. “.

According to documents and reports filed with the Albemarle County Circuit Court, since his appointment in March, Freitag has reviewed financial information, contacted a “potential JCP buyer” and finalized “a rent relief program and a recommendation for Sbarro “, among others.

The formal occupation of the property and the activity of the tenants were not listed in the receiver’s reports, citing “the confidential and sensitive nature of the information”.

A number of mall stores closed since late 2018 were owned by companies that have declared bankruptcy, including Sears Holdings, Charlotte Russe, Crazy 8, Payless ShoeSource, Charming Charlie, Destination Maternity and GNC Holdings.

Tags : real estate
Margarita W. Wilson

The author Margarita W. Wilson