BOSSIER CITY, La. (AP) — Louisiana Boardwalk managers are looking forward to reinvigoration as the development comes out of foreclosure under new ownership.
Lawrence Bizjak, managing director of the New York-based private equity firm Garrison Investment Group, tells The Times (http://bit.ly/XdUaMi) that the company completed its purchase of the outlet mall on Tuesday.
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He declined to disclose the purchase price.
Retail space at Louisiana Boardwalk will be leased through Texas-based EWB Development. Shreveport’s Stirling Properties will manage leasing of office space, said Donna Taylor, senior vice president for Stirling.
The sale ends foreclosure, which began when developer O&S Holdings defaulted on a $128 million loan in 2011.
During the bankruptcy sale in 2011, U.S. Bank National Association, acting as trustee for Merrill Lynch Mortgage Trust, submitted an $80 million bid for the mall. It was the only bid offered.
The association then appointed Alabama-based property management group Bayer Properties to oversee day-to-day operations of the shopping center until a buyer could be found.
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Information from: The Times, http://www.shreveporttimes.com
