George D. Zamias worked as a real estate agent for eight years prior to founding the George D. Zamias Real Estate Company in 1961, which began constructing shopping centers the following year. The company was reincorporated as the Zamias Construction Company, Inc. in 1967, and then reincorporated again as George D. Zamias Developer in 1968.[4]
Carolina Circle Mall was purchased out of foreclosure in September 1993 for $16 million from General Electric Capital.[5]Beechmont Mall was purchased in 1997 for $24 million.[6] Zamias sold Euclid Square Mall for $4 million to Haywood E. Wichard in August 2000.[7]Metropolitan Life Insurance sold Zamias 10 malls in 1998.[8] Zamias filed for Chapter 11 bankruptcy in May 2001, due to the loss of a lawsuit filed by American Property Consultants.[1][9] 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.[10][11] 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.[12]
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.[13][14] America's Realty purchased 50% of Olean Center Mall from Zamias in August 2008.[15] 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.[16][17] Zamias and Bon Aviv Investment LLC in April 2012 purchased five shopping centers for $68 million from Kimco Realty.[18][19] Zamias with partners repurchased Diamond Run Mall in 2013.[20]The Mall at Steamtown, while under foreclosure in March 2014, was run by Zamias.[21]Boulevard Mall, while under foreclosure in December 2017 was managed by Zamias.[22]
Diamond Run Mall closed for redevelopment in Fall 2019.[20] Zamias was replaced as management of The Johnstown Galleria on February 1, 2020, due to the mall entering receivership.[23] In December 2020, Zamias sold the Olean Center Mall and surrendered the Indiana Mall to an undisclosed bank.[24][25][26] As a result of these transactions, Zamias no longer owns any active shopping malls for the first time since George Zamias first began developing malls. It does, however, still own the shuttered Diamond Run Mall with the intent to redevelop it.[27]
Originally known as the Frazer Heights Galleria, Zamias started plans to construct Pittsburgh Mills in 1981.[1][28]Mills Corporation, Zamias, and KanAm Group built Pittsburgh Mills at a cost of $285 million, and it opened in August 2005.[11] Zamias took over the mall from partner Mills in December 2006, splitting ownership with KanAm.[10][29]Wells Fargo foreclosed on Pittsburgh Mills in 2015, with Pittsburgh Mills Limited Partnership owing $142.9 million on its loan.[30][31] 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.[32][33]
List of major propertiesedit
Major properties owned or managed by Zamias as of 2020 include:[34]
^ abcdeFitzpatrick, Dan; Lindeman, Teresa F. (May 15, 2001). "Developer files for bankruptcy". Pittsburgh Post-Gazette. Retrieved 10 May 2019.
^"Company Overview of Zamias Services Inc". Bloomberg. Retrieved 9 May 2019.
^O'Reilly, Russ (February 27, 2021). "VISION 2021 Complicated future for Galleria; layers of ownership make mall 'difficult to redevelop'". The Tribune-Democrat. Retrieved 13 April 2021.
^Long, Sheila (1993-12-05). "OWNER WANTS TO TURN AROUND CAROLINA CIRCLE MALL". Greensboro News and Record. Retrieved 2021-08-12.
^Andron, Scott (July 27, 1996). "The Rise and Fall of Carolina Circle Mall". Greensboro News and Record. Retrieved 10 May 2019.
^Monk, Dan (December 13, 1999). "East side mall may be gutted". Cincinnati Business Courier. American City Business Journals. Retrieved 4 March 2020.
^May, Jenny (August 5, 2000). "New mall owner looks to fill storefronts". The News-Herald. Retrieved 4 March 2020.
^Lawrence, Karen (Jan 19, 1998). "Mall group buy adds to Zamias portfolio". Pittsburgh Business Times. Retrieved 10 May 2019.
^"Zamias Files for Bankruptcy". AP. May 15, 2001. Retrieved 10 May 2019.
^ abDonaldson, Bob (January 10, 2007). "Embattled mall developer on the brink of bankruptcy". Pittsburgh Post-Gazette. Retrieved 10 May 2019.
^ abSchooley, Tim (May 18, 2006). "Zamias bids for mall". Pittsburgh Business Times. Retrieved 10 May 2019.
^Mordock, Jeff (September 5, 2007). "Vermont Mall Sells for $53.2Mln". Commercial Real Estate Direct. Retrieved 14 May 2019.
^ abPiatek, Shawn (July 9, 2008). "Galleria sold to New York firm for $57 million". The Tribune-Democrat. Retrieved 14 May 2019.
^Piatek, Shawn (July 9, 2008). "Mall sale spurs 'wait and see' reaction". The Tribune-Democrat. Retrieved 14 May 2019.
^"Zamias sells half of rights to Olean Center Mall". Olean Times Herald. August 1, 2008. Retrieved 10 May 2019.
^"Mall Owner Appeals Tax Bill". The Post-Journal. February 7, 2013. Retrieved 10 May 2019.
^Klein, Ben (October 25, 2013). "Big Lots Leaving". Times Observer. Retrieved 10 May 2019.
^Faher, Mike (April 2, 2012). "Zamias purchases five retail complexes". The Tribune-Democrat. Retrieved 14 May 2019.
^Nevin, Batiwalla (April 2, 2012). "Rivergate retail center sold as part of $68M portfolio deal". Nashville Business Journal. Retrieved 14 May 2019.
^ abcWriter, Gordon Dritschilo Staff (September 9, 2019). "Mall owners say they want out of the mall business". Rutland Herald. Retrieved 20 February 2020.
^Haggerty, James (March 7, 2014). "Mall at Steamtown headed for sheriff's sale". Citizens Voice. Retrieved 14 May 2019.
^Watson, Stephen T. (4 December 2017). "Boulevard Mall escapes foreclosure through $97 million sale". The Buffalo News. Retrieved 10 May 2019.
^ abO'Reilly, Russ (February 1, 2020). "Change coming to The Galleria as Zamias Services Inc. turns over operations". The Tribune-Democrat. Retrieved 20 February 2020.
^"Dunham's Sports to open in Indiana Mall". The Indiana Gazette. December 19, 2020. Retrieved 25 February 2021.
^Clark, Bob (December 21, 2020). "Olean Center Mall sold to Rochester developer". Olean Times Herald. Retrieved 25 February 2021.
^Fink, James (January 15, 2021). "Olean Center Mall sold to Rochester investor". Buffalo Business First. American City Business Journals. Retrieved 25 February 2021.
^Whitcomb, Keith Jr (2021-03-17). "Mall owner still working to bring tenants to Diamond Run". Rutland Herald. Retrieved 2021-08-12.
^Tinsley, M. Ferguson (July 17, 2002). "Off again, on again Frazer mall plan still faces hurdle". Pittsburgh Post-Gazette. Retrieved 10 May 2019.
^Green, Elwin (December 30, 2006). "Pittsburgh Mills developer turns over control to Johnstown's Zamias Services Inc". Pittsburgh Post-Gazette. Retrieved 10 May 2019.
^Bal, Kecia (November 13, 2015). "Bank forecloses on Zamias-owned Pittsburgh Mills". The Tribune-Democrat. Retrieved 14 May 2019.
^Ritenbaugh, Stephanie (January 17, 2017). "Auction approaches for struggling Pittsburgh Mills mall". Pittsburgh Post-Gazette. Retrieved 14 May 2019.
^Ritenbaugh, Stephanie (January 18, 2017). "Wells Fargo takes possession of Pittsburgh Mills in auction". Pittsburgh Post-Gazette. Retrieved 14 May 2019.
^Martino, Paul (18 January 2017). "Pittsburgh Mills Mall Sold For $100 At Foreclosure Auction". Pittsburgh CBS. Retrieved 14 May 2019.
^"Properties - Zamias Services Inc". Zamias Services Inc. Retrieved 14 May 2019.
^Musselman, Ron (April 20, 2018). "Mall owner promises major overhaul". The Indiana Gazette Online. Retrieved 10 May 2019.
^Schaefer, Matt (March 19, 2010). "Northern Lights center has size issues". Pittsburgh Business Times. Retrieved 10 May 2019.
External linksedit
Official website
April 12, 2024
zamias, services, commercial, real, estate, leasing, management, company, based, johnstown, pennsylvania, company, created, shopping, mall, developer, george, zamias, traces, history, back, 1957, industryretail, real, estatefounded1957, foundergeorge, zamias, . Zamias Services Inc is a commercial real estate leasing and management company based in Johnstown Pennsylvania The company was created by shopping mall developer George D Zamias and traces its history back to 1957 1 Zamias Services Inc IndustryRetail real estateFounded1957 1 FounderGeorge Zamias 1 HeadquartersJohnstown Pennsylvania 2 United StatesKey peoplePerry Russ President 3 ProductsReal estate shopping malls Contents 1 History 2 Pittsburgh Mills 3 List of major properties 4 List of former major properties 5 References 6 External linksHistory editGeorge D Zamias worked as a real estate agent for eight years prior to founding the George D Zamias Real Estate Company in 1961 which began constructing shopping centers the following year The company was reincorporated as the Zamias Construction Company Inc in 1967 and then reincorporated again as George D Zamias Developer in 1968 4 Carolina Circle Mall was purchased out of foreclosure in September 1993 for 16 million from General Electric Capital 5 Beechmont Mall was purchased in 1997 for 24 million 6 Zamias sold Euclid Square Mall for 4 million to Haywood E Wichard in August 2000 7 Metropolitan Life Insurance sold Zamias 10 malls in 1998 8 Zamias filed for Chapter 11 bankruptcy in May 2001 due to the loss of a lawsuit filed by American Property Consultants 1 9 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 10 11 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 12 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 13 14 America s Realty purchased 50 of Olean Center Mall from Zamias in August 2008 15 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 16 17 Zamias and Bon Aviv Investment LLC in April 2012 purchased five shopping centers for 68 million from Kimco Realty 18 19 Zamias with partners repurchased Diamond Run Mall in 2013 20 The Mall at Steamtown while under foreclosure in March 2014 was run by Zamias 21 Boulevard Mall while under foreclosure in December 2017 was managed by Zamias 22 Diamond Run Mall closed for redevelopment in Fall 2019 20 Zamias was replaced as management of The Johnstown Galleria on February 1 2020 due to the mall entering receivership 23 In December 2020 Zamias sold the Olean Center Mall and surrendered the Indiana Mall to an undisclosed bank 24 25 26 As a result of these transactions Zamias no longer owns any active shopping malls for the first time since George Zamias first began developing malls It does however still own the shuttered Diamond Run Mall with the intent to redevelop it 27 Pittsburgh Mills editSee also Pittsburgh Mills Originally known as the Frazer Heights Galleria Zamias started plans to construct Pittsburgh Mills in 1981 1 28 Mills Corporation Zamias and KanAm Group built Pittsburgh Mills at a cost of 285 million and it opened in August 2005 11 Zamias took over the mall from partner Mills in December 2006 splitting ownership with KanAm 10 29 Wells Fargo foreclosed on Pittsburgh Mills in 2015 with Pittsburgh Mills Limited Partnership owing 142 9 million on its loan 30 31 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 32 33 List of major properties editMajor properties owned or managed by Zamias as of 2020 include 34 Diamond Run Mall Rutland Vermont 20 Indiana Mall Indiana Pennsylvania 35 Northern Lights Shopping Center Economy Pennsylvania 36 List of former major properties editMajor properties previously owned or managed by Zamias include The Johnstown Galleria Johnstown Pennsylvania 13 23 Olean Center Mall Olean New York York Galleria York Pennsylvania Columbia Colonnade Bloomsburg Pennsylvania Kyova Tri State Mall Ashland Kentucky Pittsburgh Mills Pittsburgh Pennsylvania Warren Mall Warren Pennsylvania Meadville Mall Meadville Pennsylvania Clearview Mall Butler Pennsylvania Cranberry Mall Oil City Pennsylvania DuBois Mall DuBois Pennsylvania Clearfield Mall Clearfield Pennsylvania Carolina Circle Mall Greensboro North Carolina Rock Hill Galleria Rock Hill South Carolina Houston County Galleria Centerville Georgia Port Plaza Mall Green Bay Wisconsin from 1997 to 2001 References edit a b c d e Fitzpatrick Dan Lindeman Teresa F May 15 2001 Developer files for bankruptcy Pittsburgh Post Gazette Retrieved 10 May 2019 Company Overview of Zamias Services Inc Bloomberg Retrieved 9 May 2019 O Reilly Russ February 27 2021 VISION 2021 Complicated future for Galleria layers of ownership make mall difficult to redevelop The Tribune Democrat Retrieved 13 April 2021 Long Sheila 1993 12 05 OWNER WANTS TO TURN AROUND CAROLINA CIRCLE MALL Greensboro News and Record Retrieved 2021 08 12 Andron Scott July 27 1996 The Rise and Fall of Carolina Circle Mall Greensboro News and Record Retrieved 10 May 2019 Monk Dan December 13 1999 East side mall may be gutted Cincinnati Business Courier American City Business Journals Retrieved 4 March 2020 May Jenny August 5 2000 New mall owner looks to fill storefronts The News Herald Retrieved 4 March 2020 Lawrence Karen Jan 19 1998 Mall group buy adds to Zamias portfolio Pittsburgh Business Times Retrieved 10 May 2019 Zamias Files for Bankruptcy AP May 15 2001 Retrieved 10 May 2019 a b Donaldson Bob January 10 2007 Embattled mall developer on the brink of bankruptcy Pittsburgh Post Gazette Retrieved 10 May 2019 a b Schooley Tim May 18 2006 Zamias bids for mall Pittsburgh Business Times Retrieved 10 May 2019 Mordock Jeff September 5 2007 Vermont Mall Sells for 53 2Mln Commercial Real Estate Direct Retrieved 14 May 2019 a b Piatek Shawn July 9 2008 Galleria sold to New York firm for 57 million The Tribune Democrat Retrieved 14 May 2019 Piatek Shawn July 9 2008 Mall sale spurs wait and see reaction The Tribune Democrat Retrieved 14 May 2019 Zamias sells half of rights to Olean Center Mall Olean Times Herald August 1 2008 Retrieved 10 May 2019 Mall Owner Appeals Tax Bill The Post Journal February 7 2013 Retrieved 10 May 2019 Klein Ben October 25 2013 Big Lots Leaving Times Observer Retrieved 10 May 2019 Faher Mike April 2 2012 Zamias purchases five retail complexes The Tribune Democrat Retrieved 14 May 2019 Nevin Batiwalla April 2 2012 Rivergate retail center sold as part of 68M portfolio deal Nashville Business Journal Retrieved 14 May 2019 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 Haggerty James March 7 2014 Mall at Steamtown headed for sheriff s sale Citizens Voice Retrieved 14 May 2019 Watson Stephen T 4 December 2017 Boulevard Mall escapes foreclosure through 97 million sale The Buffalo News Retrieved 10 May 2019 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 Dunham s Sports to open in Indiana Mall The Indiana Gazette December 19 2020 Retrieved 25 February 2021 Clark Bob December 21 2020 Olean Center Mall sold to Rochester developer Olean Times Herald Retrieved 25 February 2021 Fink James January 15 2021 Olean Center Mall sold to Rochester investor Buffalo Business First American City Business Journals Retrieved 25 February 2021 Whitcomb Keith Jr 2021 03 17 Mall owner still working to bring tenants to Diamond Run Rutland Herald Retrieved 2021 08 12 Tinsley M Ferguson July 17 2002 Off again on again Frazer mall plan still faces hurdle Pittsburgh Post Gazette Retrieved 10 May 2019 Green Elwin December 30 2006 Pittsburgh Mills developer turns over control to Johnstown s Zamias Services Inc Pittsburgh Post Gazette Retrieved 10 May 2019 Bal Kecia November 13 2015 Bank forecloses on Zamias owned Pittsburgh Mills The Tribune Democrat Retrieved 14 May 2019 Ritenbaugh Stephanie January 17 2017 Auction approaches for struggling Pittsburgh Mills mall Pittsburgh Post Gazette Retrieved 14 May 2019 Ritenbaugh Stephanie January 18 2017 Wells Fargo takes possession of Pittsburgh Mills in auction Pittsburgh Post Gazette Retrieved 14 May 2019 Martino Paul 18 January 2017 Pittsburgh Mills Mall Sold For 100 At Foreclosure Auction Pittsburgh CBS Retrieved 14 May 2019 Properties Zamias Services Inc Zamias Services Inc Retrieved 14 May 2019 Musselman Ron April 20 2018 Mall owner promises major overhaul The Indiana Gazette Online Retrieved 10 May 2019 Schaefer Matt March 19 2010 Northern Lights center has size issues Pittsburgh Business Times Retrieved 10 May 2019 External links editOfficial website Retrieved from https en wikipedia org w index php title Zamias Services Inc amp oldid 1177392390, wikipedia, wiki, book, books, library,
