Collin Creek Mall owner conveys property interest back to lender

Shoppers hoping to plan their trip to Collin Creek Mall will have to forgo the online search, at least for now.

The mall’s website remains down, as the property has been conveyed back to its mortgage lender and is in a state of management transition.

In its 2015 first-quarter report dated April 30, Collin Creek Mall owner Rouse Properties Inc. announced it had conveyed its interest in the mall to Midland Loan Services in full satisfaction of the mall’s multi-million dollar mortgage debt.

Rouse conveyed the property back to Midland, which is part of PNC Bank, for $57.6 million. The property’s appraised value has been on the decline for several years.

The mall, which was built in 1981, is anchored by JC Penny, Amazing Jake’s, Sears and Macy’s. In 2010, the Collin County Appraisal District listed the mall’s value at $64.7 million. Dallas commercial property management and investment firm CBRE has been managing the property since April 30 and will continue to manage it until a buyer comes forward.

CBRE spokesperson Valerie Maniscalco said the mall’s website will also be back up soon.

CBRE could not comment as to what role it might play in attracting a buyer.

“Because we are local, we will remain in place to take interim and long-term steps to stabilize and strengthen the merchandise mix and to strengthen the mall’s local presence in the community,” Maniscalco said.
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