Zamias Services, Inc.

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Zamias Services, Inc.
IndustryRetail, real estate
Founded1957[1]
FounderGeorge D. Zamias[1]
Headquarters
Johnstown, Pennsylvania[1]
,
United States
Key people
 Joseph Anthony CEO & President
Stephen G. Zamias Jr., CFO[1][2]
ProductsCommercial real estate, Shopping malls

Zamias Services, Inc. is a commercial real estate and shopping mall company based in Johnstown, Pennsylvania. The company was created by George Zamias in 1957.[3]

History

Carolina Circle Mall was purchased out of foreclosure in September 1993 for $16 million from General Electric Capital.[4] Beechmont Mall was purchased in 1997 for $24 million.[5] Zamias sold Euclid Square Mall for $4 million to Haywood E. Wichard in August 2000.[6] Metropolitan Life Insurance sold Zamias 10 malls in 1998.[7] Zamias filed for Chapter 11 bankruptcy in May 2001, due to the loss of a lawsuit filed by American Property Consultants.[3][8] The company also faced legal issues with Goldman Sachs in 2001, and stopped managing 14 malls it owned with them. Zamias exited bankruptcy in 2004.[9][10] Diamond Run Mall, built by Zamias in 1995, was sold for $53.2 million to Gemini Real Estate Advisors in September 2007. Gemini kept Zamias as mall management.[11]

The Johnstown Galleria, built by Zamias in 1992, was sold for over $57 million to Gemini Real Estate Advisors in July 2008. Gemini kept Zamias as mall management.[12][13] America's Realty purchased 50% of Olean Center Mall from Zamias in August 2008.[14] Warren Mall was sold under pressure from Sun America bank, for $720,000 to Kohan Retail Investment Group in April 2011. The mall at the time of sale was considered distressed and not salvageable.[15][16] Zamias and Bon Aviv Investment LLC in April 2012 purchased five shopping centers for $68 million from Kimco Realty.[17][18] Zamias with partners repurchased Diamond Run Mall in 2013.[19] The Mall at Steamtown, while under foreclosure in March 2014, was run by Zamias.[20] Boulevard Mall, while under foreclosure in December 2017 was managed by Zamias.[21]

Diamond Run Mall closed for redevelopment in Fall 2019.[19] Zamias was replaced as management of The Johnstown Galleria on February 1, 2020 due to the mall entering receivership.[22]

Pittsburgh Mills

See also: Pittsburgh Mills

Originally known as the Frazer Heights Galleria, Zamias started plans to construct Pittsburgh Mills in 1981.[3][23] Mills Corporation, Zamias, and KanAm Group built Pittsburgh Mills at a cost of $285 million, and it opened in August 2005.[10] Zamias took over the mall from partner Mills in December 2006, splitting ownership with KanAm.[9][24] Wells Fargo foreclosed on Pittsburgh Mills in 2015, with Pittsburgh Mills Limited Partnership owing $142.9 million on its loan.[25][26] The mall's value by March 2016 had fallen to $11 million, down from $190 million in 2006. Wells Fargo purchased the mall at auction for $100 in January 2017.[27][28]

List of major properties

Major properties owned or managed by Zamias as of 2020 include:[29]

List of former major properties

Major properties previously owned or managed by Zamias include:

References

  1. ^ a b c d "Company Overview of Zamias Services Inc". Bloomberg. Bloomberg. Retrieved 9 May 2019.
  2. ^ "Anthony promoted to president and CEO of Zamias Services". Pittsburgh Tribune-Review. April 4, 2012. Retrieved 10 May 2019.
  3. ^ a b c Fitzpatrick, Dan; Lindeman, Teresa F. (May 15, 2001). "Developer files for bankruptcy". Pittsburgh Post-Gazette. Retrieved 10 May 2019.
  4. ^ Andron, Scott (July 27, 1996). "The Rise and Fall of Carolina Circle Mall". Greensboro News and Record. Retrieved 10 May 2019.
  5. ^ Monk, Dan (December 13, 1999). "East side mall may be gutted". Cincinnati Business Courier. American City Business Journals. Retrieved 4 March 2020.
  6. ^ May, Jenny (August 5, 2000). "New mall owner looks to fill storefronts". The News-Herald. Retrieved 4 March 2020.
  7. ^ Lawrence, Karen (Jan 19, 1998). "Mall group buy adds to Zamias portfolio". Pittsburgh Business Times. Retrieved 10 May 2019.
  8. ^ "Zamias Files for Bankruptcy". AP. May 15, 2001. Retrieved 10 May 2019.
  9. ^ a b Donaldson, Bob (January 10, 2007). "Embattled mall developer on the brink of bankruptcy". Pittsburgh Post-Gazette. Retrieved 10 May 2019.
  10. ^ a b Schooley, Tim (May 18, 2006). "Zamias bids for mall". Pittsburgh Business Times. Retrieved 10 May 2019.
  11. ^ Mordock, Jeff (September 5, 2007). "Vermont Mall Sells for $53.2Mln". Commercial Real Estate Direct. Retrieved 14 May 2019.
  12. ^ a b Piatek, Shawn (July 9, 2008). "Galleria sold to New York firm for $57 million". The Tribune-Democrat. Retrieved 14 May 2019.
  13. ^ Piatek, Shawn (July 9, 2008). "Mall sale spurs 'wait and see' reaction". The Tribune-Democrat. Retrieved 14 May 2019.
  14. ^ "Zamias sells half of rights to Olean Center Mall". Olean Times Herald. August 1, 2008. Retrieved 10 May 2019.
  15. ^ "Mall Owner Appeals Tax Bill". The Post-Journal. February 7, 2013. Retrieved 10 May 2019.
  16. ^ Klein, Ben (October 25, 2013). "Big Lots Leaving". Times Observer. Retrieved 10 May 2019.
  17. ^ Faher, Mike (April 2, 2012). "Zamias purchases five retail complexes". The Tribune-Democrat. Retrieved 14 May 2019.
  18. ^ Nevin, Batiwalla (April 2, 2012). "Rivergate retail center sold as part of $68M portfolio deal". Nashville Business Journal. Retrieved 14 May 2019.
  19. ^ a b c Writer, Gordon Dritschilo Staff (September 9, 2019). "Mall owners say they want out of the mall business". Rutland Herald. Retrieved 20 February 2020.
  20. ^ Haggerty, James (March 7, 2014). "Mall at Steamtown headed for sheriff's sale". Citizens Voice. Retrieved 14 May 2019.
  21. ^ Watson, Stephen T. (4 December 2017). "Boulevard Mall escapes foreclosure through $97 million sale". The Buffalo News. Retrieved 10 May 2019.
  22. ^ a b O'Reilly, Russ (February 1, 2020). "Change coming to The Galleria as Zamias Services Inc. turns over operations". The Tribune-Democrat. Retrieved 20 February 2020.
  23. ^ Tinsley, M. Ferguson (July 17, 2002). "Off again, on again Frazer mall plan still faces hurdle". Pittsburgh Post-Gazette. Retrieved 10 May 2019.
  24. ^ Green, Elwin (December 30, 2006). "Pittsburgh Mills developer turns over control to Johnstown's Zamias Services Inc". Pittsburgh Post-Gazette. Retrieved 10 May 2019.
  25. ^ Bal, Kecia (November 13, 2015). "Bank forecloses on Zamias-owned Pittsburgh Mills". The Tribune-Democrat. Retrieved 14 May 2019.
  26. ^ Ritenbaugh, Stephanie (January 17, 2017). "Auction approaches for struggling Pittsburgh Mills mall". Pittsburgh Post-Gazette. Retrieved 14 May 2019.
  27. ^ Ritenbaugh, Stephanie (January 18, 2017). "Wells Fargo takes possession of Pittsburgh Mills in auction". Pittsburgh Post-Gazette. Retrieved 14 May 2019.
  28. ^ Martino, Paul (18 January 2017). "Pittsburgh Mills Mall Sold For $100 At Foreclosure Auction". Pittsburgh CBS. Retrieved 14 May 2019.
  29. ^ "Properties - Zamias Services Inc". Zamias Services Inc. Retrieved 14 May 2019.
  30. ^ Musselman, Ron (April 20, 2018). "Mall owner promises major overhaul". The Indiana Gazette Online. Retrieved 10 May 2019.
  31. ^ Schaefer, Matt (March 19, 2010). "Northern Lights center has size issues". Pittsburgh Business Times. Retrieved 10 May 2019.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Zamias_Services,_Inc.&oldid=999928900"