Lenders Foreclose On Town Center At Cobb

KENNESAW, GA — Lenders foreclosed on Town Center at Cobb Tuesday afternoon after they posted legal notices of the foreclosure in the Marietta Daily Journal last month.

Deutsche Bank Trust claimed the property from Simon Property Group, according to the MDJ, which also owns Lenox Square and Phipps Plaza in Atlanta. The Town Center at Cobb section of Simon Property Group's website was taken down as of Wednesday afternoon.

Deutsche Bank is the lead lender and trustee for a $200 million loan for the mall, granted in 2012. Attorney Matthew Norton of the law firm Polsinelli said the bank and other investors in the loan will now manage the property.

The lender set a bid of $130.4 million, but no bids were made on the mall, which is home to more than 170 stores such as JC Penney, Macy's and Belk. In the legal notice, it said the mall would be sold "at public outcry to the highest bidder for cash before the courthouse door of Cobb County" — but the "public outcry" was read to an empty Flournoy Park, according to the MDJ.

Read the full story on the MDJ's website.