Palm Beach mall sells for $25M

The Palm Beach Mall has been sold for $25 million, a $28 million
discount on its foreclosure judgment, the South Florida Business Journal reported . The property was sold by Orix USA, the special servicer
representing a CMBS fund, to buyer Palm Beach Mall Holdings, a
Boston-based group. Not included in the deal was JC Penney, which owns
its site at the mall complex. As previously reported, the mall will become a fashion outlet center. [SFBJ]