CHICAGO-Bank of America Corp. has acquired the Block 37 mall for $100 million, a value lower than half the mall's debt of $206 million, from a foreclosure auction. The bank filed the foreclosure lawsuit on the four-level shopping center located at State and Randolph streets nearly 17 months back.
Joseph Freed & Associates LLC was the developer of the mall, which is under receivership since the beginning of 2010. B of A acquired the Block 37 debt via its purchase of LaSalle Bank.For the full story, go to Crain's Chicago Business.
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