|Cash-poor European real-estate company sells local shopping mall to Texan concern for $200 million.|
Posted by: LateForLunch ® |
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Not newsworthy except to me and other locals who like the idea that a local shopping mall previously owned by a French/Dutch multi-national, has been sold to a Texan company which will add a planned-community structure (improve it dramatically).
The troubled European company which owned the mall previously had already missed one payment on debt 'cause it's cash-strapped. They had to sell the property or let the debt-holders sell it. The sale coincides well with a renewed local city effort (stalled prior to pandemic) to improve the civic center including the mall. The Texas company is fully engaged in the city initiative with development $$$.
My community broke off from L.A. city long ago - which freed them from endless trouble and conferred upon them the distinction of being one of the few communities in close proximity to Lost Angeles, which is not itself consumed by the manifold, plethora ills of the latter.
This is the same voting district from which came Rep. Buck McKeon as the head of the Armed Services Committee for many years until he retired. Republican Rep. Miguel (Mike) Garcia has replaced him in the seat after the district had a brief flirtation with a couple of 'Crats which didn't last. The first Katie Hill resigned in disgrace with the "thorple" and "spouse-swapping" scandal.
Valencia, CA is a civilized town for the most part.
"The superior man places himself in a position where good fortune may work to his advantage. - I Ching
Modified by LateForLunch at Wed, Sep 06, 2023, 17:56:03
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