Major Atlanta Shopping Mall Gets No Foreclosure Bids, Goes Back To Lender

AtlantaRetail just reported in Bisnow that the 560,000 square foot Town Center at Cobb mall was foreclosed by Deutsche Bank Feb. 2, 2021, receiving no bids at the foreclosure auction. The mall was valued at $322 million in 2012, but dropped to only $120 million at time of foreclosure. The Cobb Country Commissioner, JoAnn Birrell told the Journal, “There would be developers or companies that may look at purchasing it, but with things the way they are – the pandemic, so many businesses closing because of COVID – it’s not a good time.”  I expect unfortunately we will see many more of these sad events before our economy gets straightened out. Today I saw several reports that predicted the job market may not sufficiently recover until 2023 or 2024…and that millions of jobs have permanently disappeared…just look at how many Amazon deliver vans are in your neighborhood each day…