Another Mall Bites The Dust

Today, the Sahara Towne Square owner filed for Chapter 11 bankruptcy protection and reorganization.

The shopping center is located at Sahara Avenue and Maryland Parkway, with a Smith’s grocery store in the area as well. The owner of the Sahara Towne Square is Desert Lakes Apartments.

Within the shopping center there is All Discount Vacuum & Sewing, Cemondel’s Bakery Shop, China Star, Jack In The Box, Koster Finance, Los Toritos Grill, Mail Boxes Etc., Metro PCS, Nail Craze, Beauty Supply Warehouse, Office 7 Lounge, Super Cuts, the Original Thai BBQ and as well as doctors’ and dentists’ offices.

According to the bankruptcy filing, the center generated nearly $1.6 million last year. On paper, assets are valued at $13.8 million. Sahara Towne Square owes nearly $9.6 million to U.S. Bank.

The bankruptcy seemed to be perfectly timed, as it was filed just in time to block a hearing that was planned for Thursday in the Clark County District Court. Thursday’s hearing was to ask the court to appoint a receiver to take over, as well as supervise the property. Since the bankruptcy filing has already happened, Thursday’s hearing will likely be cancelled.

In the event that a deal can not be reached in Bankruptcy Court, U.S. Bank will have to petition the court for permission to complete its foreclosure.

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