A newly-formed group called WMAP, LLC acquired The Shops at Atlas Park in Queens this week for $53.75 million. The beleaguered center was unveiled in 2006 as an outdoor "lifestyle center," but went into foreclosure in February 2009. WMAP iincludes Macerich, a Chicago-based development corporation that specializes in revitalizing ailing real estate, as well as Walton Street Capital according to TrafficCourt. The financier, Socié́té́ Gé́né́rale, was still owed $119 million at the time of the sale. The sale is expected to close within 30 days.
"They're just really excited, eager to basically have a rebirth," said attorney Boris Sorin, who represents eight Atlas Park shops.
"We can finally move forward with developing Glendale's own shopping center," said Councilmember Elizabeth Crowley. "The community welcomes the new leadership with open arms and is eager to help Atlas become an engine for economic growth."
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