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Only the beginning.
An ironic outcome. When I was in the banking business, Simon promised my company a prime spot in Clay Terrace. They were so confident about its potential that they backed of out a deal we’d made and gave the location to what they perceived to be a “better” bank. It was a good learning experience about dealing with Simon. I also learned that Simon’s leases are written such that if they want to find you in default, they can. It’s quite a company.
Prime has these town centers and small malls throughout the country, and judging by the cars parked at Clay Terrace today as I drove through it appears business is brisk. The pandemic certainly took its toll on in-person shopping, but I am willing to bank that will rebound as people seek more social interaction and less screen time. By the way, you should know that it is the party that writes the lease or contract that will be favored by the lease or contract. That’s the way it has always been, which is why caveat emptor still is wise advice.
Ironic – have you seen all of the companies close up and/or not pay their rent? Wait until all of the mortgage companies start handling residential bankruptcy. Hard to survive a business model that requires tenant to pay their rent.
Why would they owe the Finish Line $213k vs the other way around?
Finish Line loaned money to Washington Prime.
A shame. This place could have been…and still could be…amazing.
Clay Terrace will be fine, but will be under new management, once people are out again in droves. Zionsville is 79% vaccinated, Carmel isn’t far behind. People will start dining and shopping. All those buildings aren’t going anywhere.