Local malls not underwater on loans

Unable to find a buyer for one of its Columbus-area malls, Glimcher Realty Trust recently relinquished ownership of the property to the servicer of the $40 million mortgage.

The Eastland Mall was one of 13 malls that Glimcher has for sale, including the Dayton Mall in Miami Twp. and the Mall at Fairfield Commons in Beavercreek.

Glimcher officials told us this will not happen with our local malls. The company is not listing the Dayton-area malls because they’re underperforming or underwater on their loans, Karen Bailey, director of corporate communications, said.

Both properties are worth more now than their loan value and continue to add new tenants and maintain a relatively low level of vacancies, she said.

As a result, even if they don’t find a buyer for the malls right away, they won’t turn them over to a special servicer or lender in receivership.

“That’s not an option,’’ she said. “These centers (Dayton and Fairfield) are are well-performing properties, and we’d be happy to continue to own them if we do not sell them as part of our plan this year.’’

Glimcher, which has 28 malls nationwide, is hoping to raise $20 million to $300 million from the sale of maybe three or four centers of the 13 they’ve listed.

RISE ‘taking a pause’

If you missed it last week, the University of Dayton announced it will not host its annual Redefining Investment Strategy Education Forum next year.

Paul Bobrowski, dean of the school of business administration, said the school is going to take the coming year to develop other opportunities that will give students added learning value. UD hosted the event for the past 14 years.

It’s shame students won’t be able to participate in an event like this that brought in many high-profile national speakers from the investment industry. But, it’s also understandable with the cost to bring in speakers these days.

Never too small

We published a story this week that Russian hackers obtained 500 million email addresses in addition to passwords, gathered from 420,000 websites, a breach discovered by Milwaukee, Wisc., firm Hold Security.

A local expert told me that large corporations have done a “decent job” protecting their IT infrastructure, but warned many small- and medium-sized organizations that continue to believe they are too small to draw hackers’ interest.

“The reality is they have become the low hanging fruit. The bad guys are looking to steal any kind of data that they can get their hands on. Credit card data and banking information is golden,” Jack Gerbs, CEO at Quanexus in Centerville, told us.

Have a business tip or insider information? Give me a call at (937) 225-0623 or email me at rich.gillette@coxinc.com

Rich Gillette is the Dayton Daily News business editor. Follow him on Twitter @richgillette

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