Zamias Services, Inc.

Zamias Services, Inc. is a commercial real estate leasing and management company based in Johnstown, Pennsylvania. The company was created by shopping mall developer George D. Zamias and traces its history back to 1957.

History

George D. Zamias worked as a real estate agent for eight years prior to founding the George D. Zamias Real Estate Company in 1961, which began constructing shopping centers the following year. The company was reincorporated as the Zamias Construction Company, Inc. in 1967, and then reincorporated again as George D. Zamias Developer in 1968.

Carolina Circle Mall was purchased out of foreclosure in September 1993 for $16 million from General Electric Capital. Beechmont Mall was purchased in 1997 for $24 million. Zamias sold Euclid Square Mall for $4 million to Haywood E. Wichard in August 2000. Metropolitan Life Insurance sold Zamias 10 malls in 1998. Zamias filed for Chapter 11 bankruptcy in May 2001, due to the loss of a lawsuit filed by American Property Consultants. The company also faced legal issues with Goldman Sachs in 2001, and stopped managing 14 malls it owned with them. Zamias exited bankruptcy in 2004. Diamond Run Mall, built by Zamias in 1995, was sold for $53.2 million to Gemini Real Estate Advisors in September 2007. Gemini kept Zamias as mall management.

The Johnstown Galleria, built by Zamias in 1992, was sold for over $57 million to Gemini Real Estate Advisors in July 2008. Gemini kept Zamias as mall management. America's Realty purchased 50% of Olean Center Mall from Zamias in August 2008. Warren Mall was sold under pressure from Sun America bank, for $720,000 to Kohan Retail Investment Group in April 2011. The mall at the time of sale was considered distressed and not salvageable. Zamias and Bon Aviv Investment LLC in April 2012 purchased five shopping centers for $68 million from Kimco Realty. Zamias with partners repurchased Diamond Run Mall in 2013. The Mall at Steamtown, while under foreclosure in March 2014, was run by Zamias. Boulevard Mall, while under foreclosure in December 2017 was managed by Zamias.

Diamond Run Mall closed for redevelopment in Fall 2019. Zamias was replaced as management of The Johnstown Galleria on February 1, 2020, due to the mall entering receivership. In December 2020, Zamias sold the Olean Center Mall and surrendered the Indiana Mall to an undisclosed bank. As a result of these transactions, Zamias no longer owns any active shopping malls for the first time since George Zamias first began developing malls. It does, however, still own the shuttered Diamond Run Mall with the intent to redevelop it.

Pittsburgh Mills

Originally known as the Frazer Heights Galleria, Zamias started plans to construct Pittsburgh Mills in 1981. Mills Corporation, Zamias, and KanAm Group built Pittsburgh Mills at a cost of $285 million, and it opened in August 2005. Zamias took over the mall from partner Mills in December 2006, splitting ownership with KanAm. Wells Fargo foreclosed on Pittsburgh Mills in 2015, with Pittsburgh Mills Limited Partnership owing $142.9 million on its loan. The mall's value by March 2016 had fallen to $11 million, down from $190 million in 2006. Wells Fargo purchased the mall at auction for $100 in January 2017.

List of major properties

Major properties owned or managed by Zamias as of 2020 include:

List of former major properties

Major properties previously owned or managed by Zamias include:

* Houston County Galleria, Centerville, Georgia
* Port Plaza Mall, Green Bay, Wisconsin (from 1997 to 2001)

References

{{Reflist, refs=

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{{cite news , last1=Fink , first1=James , title=Olean Center Mall sold to Rochester investor , url=https://www.bizjournals.com/buffalo/news/2021/01/15/olean-center-mall-sold-to-rochester-investor.html , access-date=25 February 2021 , work=Buffalo Business First , publisher=American City Business Journals , date=January 15, 2021

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{{cite web , title=Company Overview of Zamias Services Inc. , url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapid=855857 , website=Bloomberg , publisher=Bloomberg , access-date=9 May 2019

{{cite news , last1=Haggerty , first1=James , title=Mall at Steamtown headed for sheriff's sale , url=https://www.citizensvoice.com/news/mall-at-steamtown-headed-for-sheriff-s-sale-1.1646687 , access-date=14 May 2019 , work=Citizens Voice , date=March 7, 2014

{{cite news , last1=Andron , first1=Scott , title=The Rise and Fall of Carolina Circle Mall , url=https://www.greensboro.com/the-rise-and-fall-of-carolina-circle-mall/article_6be3a19a-6577-53f7-8e6b-b7228143994f.html , access-date=10 May 2019 , work=Greensboro News and Record , date=July 27, 1996 , language=en

{{cite news , last1=Musselman , first1=Ron , title=Mall owner promises major overhaul , url=https://www.indianagazette.com/news/mall-owner-promises-major-overhaul/article_7a98f89e-44a4-11e8-a0dc-5b31fa602cc5.html , access-date=10 May 2019 , work=The Indiana Gazette Online , date=April 20, 2018 , language=en

{{cite news , last1=Nevin , first1=Batiwalla , title=Rivergate retail center sold as part of $68M portfolio deal , url=https://www.bizjournals.com/nashville/news/2012/04/02/rivergate-shopping-center-sells-to-bon.html , access-date=14 May 2019 , work=Nashville Business Journal , date=April 2, 2012

{{cite news , last1=Mordock , first1=Jeff , title=Vermont Mall Sells for $53.2Mln , url=http://www.crenews.com/general_news/general/vermont-mall-sells-for-53.2mln.html , access-date=14 May 2019 , work=Commercial Real Estate Direct , date=September 5, 2007

{{cite news , title=Zamias sells half of rights to Olean Center Mall , url=http://www.oleantimesherald.com/news/zamias-sells-half-of-rights-to-olean-center-mall/article_1e503729-82f6-5c78-ab81-246749021707.html , access-date=10 May 2019 , work=Olean Times Herald , date=August 1, 2008 , language=en

{{cite news , last1=Clark , first1=Bob , title=Olean Center Mall sold to Rochester developer , url=https://www.oleantimesherald.com/news/olean-center-mall-sold-to-rochester-developer/article_47848b3e-4bb1-527d-b871-ba3f2e3a7d56.html , access-date=25 February 2021 , work=Olean Times Herald , date=December 21, 2020 , language=en

{{cite news , last1=Lawrence , first1=Karen , title=Mall group buy adds to Zamias portfolio , url=https://www.bizjournals.com/pittsburgh/stories/1998/01/19/focus4.html , access-date=10 May 2019 , work=Pittsburgh Business Times , date=Jan 19, 1998

{{cite news , last1=Schooley , first1=Tim , title=Zamias bids for mall , url=https://www.bizjournals.com/pittsburgh/stories/2006/05/22/story1.html , access-date=10 May 2019 , work=Pittsburgh Business Times , date=May 18, 2006

{{cite news , last1=Schaefer , first1=Matt , title=Northern Lights center has size issues , url=https://www.bizjournals.com/pittsburgh/stories/2010/03/15/daily46.html , access-date=10 May 2019 , work=Pittsburgh Business Times , date=March 19, 2010

{{cite news , last1=Martino , first1=Paul , title=Pittsburgh Mills Mall Sold For $100 At Foreclosure Auction , url=https://pittsburgh.cbslocal.com/2017/01/18/pittsburgh-mills-mall-scheduled-for-foreclosure-auction/ , access-date=14 May 2019 , work=Pittsburgh CBS , date=18 January 2017 , language=en

{{cite news , last1=Fitzpatrick , first1=Dan , last2=Lindeman , first2=Teresa F. , title=Developer files for bankruptcy , url=http://old.post-gazette.com/businessnews/20010515zamias4.asp , access-date=10 May 2019 , work=Pittsburgh Post-Gazette , date=May 15, 2001

{{cite news , last1=Tinsley , first1=M. Ferguson , title=Off again, on again Frazer mall plan still faces hurdle , url=http://old.post-gazette.com/neigh_north/20020717nfrazer0717p8.asp , access-date=10 May 2019 , work=Pittsburgh Post-Gazette , date=July 17, 2002

{{cite news , last1=Green , first1=Elwin , title=Pittsburgh Mills developer turns over control to Johnstown's Zamias Services Inc. , url=http://old.post-gazette.com/pg/06364/750036-28.stm , access-date=10 May 2019 , work=Pittsburgh Post-Gazette , date=December 30, 2006

{{cite news , last1=Donaldson , first1=Bob , title=Embattled mall developer on the brink of bankruptcy , url=https://www.post-gazette.com/business/businessnews/2007/01/10/Embattled-mall-developer-on-the-brink-of-bankruptcy/stories/200701100242 , access-date=10 May 2019 , work=Pittsburgh Post-Gazette , date=January 10, 2007 , language=en

{{cite news , last1=Ritenbaugh , first1=Stephanie , title=Auction approaches for struggling Pittsburgh Mills mall , url=https://www.post-gazette.com/business/pittsburgh-company-news/2017/01/17/Auction-approaches-for-struggling-Pittsburgh-Mills-mall/stories/201701170031 , access-date=14 May 2019 , work=Pittsburgh Post-Gazette , date=January 17, 2017 , language=en

{{cite news , last1=Ritenbaugh , first1=Stephanie , title=Wells Fargo takes possession of Pittsburgh Mills in auction , url=https://www.post-gazette.com/local/north/2017/01/18/Pittsburgh-Mills-auctioned-off-without-change-in-ownership/stories/201701180167 , access-date=14 May 2019 , work=Pittsburgh Post-Gazette , date=January 18, 2017 , language=en

{{cite news , last1=Writer , first1=Gordon Dritschilo Staff , title=Mall owners say they want out of the mall business , url=https://www.rutlandherald.com/news/local/mall-owners-say-they-want-out-of-the-mall-business/article_8232030e-cb27-5b32-82c2-aa1f39e48d5a.html , access-date=20 February 2020 , work=Rutland Herald , date=September 9, 2019 , language=en

{{cite news , title=Dunham's Sports to open in Indiana Mall , url=https://www.indianagazette.com/news/local/dunhams-sports-to-open-in-indiana-mall/article_1076c352-4211-11eb-950b-f3ab90ef1158.html , access-date=25 February 2021 , work=The Indiana Gazette , date=December 19, 2020 , language=en

{{cite news , last1=Watson , first1=Stephen T. , title=Boulevard Mall escapes foreclosure through $97 million sale , url=https://buffalonews.com/2017/12/04/boulevard-mall-is-sold-for-97-million/ , access-date=10 May 2019 , work=The Buffalo News , date=4 December 2017 , language=en-us

{{cite news , last1=May , first1=Jenny , title=New mall owner looks to fill storefronts , url=https://www.news-herald.com/news/new-mall-owner-looks-to-fill-storefronts/article_e06b3fcd-4642-5fef-92c3-565b47ee8572.html , access-date=4 March 2020 , work=The News-Herald , date=August 5, 2000 , language=en

{{cite news , last1=Klein , first1=Ben , title=Big Lots Leaving , url=http://www.timesobserver.com/news/local-news/2013/10/big-lots-leaving/ , access-date=10 May 2019 , work=Times Observer , date=October 25, 2013

{{cite news , title=Mall Owner Appeals Tax Bill , url=http://www.post-journal.com/news/local-news/2013/02/mall-owner-appeals-tax-bill/ , access-date=10 May 2019 , work=The Post-Journal , date=February 7, 2013

{{cite news , last1=Piatek , first1=Shawn , title=Galleria sold to New York firm for $57 million , url=https://www.tribdem.com/news/galleria-sold-to-new-york-firm-for-million/article_ae1042ea-ca6b-5bcc-ac36-615c38c2fe15.html , access-date=14 May 2019 , work=The Tribune-Democrat , date=July 9, 2008 , language=en

{{cite news , last1=Piatek , first1=Shawn , title=Mall sale spurs 'wait and see' reaction , url=https://www.tribdem.com/news/local_news/mall-sale-spurs-wait-and-see-reaction/article_ef3d480c-0a8b-52a0-ac9e-c572be4e2c70.html , access-date=14 May 2019 , work=The Tribune-Democrat , date=July 9, 2008 , language=en

{{cite news , last1=Faher , first1=Mike , title=Zamias purchases five retail complexes , url=https://www.tribdem.com/news/local_news/zamias-purchases-five-retail-complexes/article_8623b4f2-7bc5-513d-ab6e-4bea8ff87a52.html , access-date=14 May 2019 , work=The Tribune-Democrat , date=April 2, 2012 , language=en

{{cite news , last1=Bal , first1=Kecia , title=Bank forecloses on Zamias-owned Pittsburgh Mills , url=https://www.tribdem.com/news/bank-forecloses-on-zamias-owned-pittsburgh-mills/article_ec6189a2-89bf-11e5-99c8-3bb5cdcbd19c.html , access-date=14 May 2019 , work=The Tribune-Democrat , date=November 13, 2015 , language=en

{{cite news , last1=O'Reilly , first1=Russ , title=Change coming to The Galleria as Zamias Services Inc. turns over operations , url=https://www.tribdem.com/news/change-coming-to-the-galleria-as-zamias-services-inc-turns/article_79b28a42-43e1-11ea-81bf-c7f64caa06da.html , access-date=20 February 2020 , work=The Tribune-Democrat , date=February 1, 2020 , language=en

{{cite web , title=Properties - Zamias Services Inc , url=http://www.zamias.com/properties.html , website=Zamias Services Inc , access-date=14 May 2019

External links

Official website

Companies based in Cambria County, Pennsylvania
Johnstown, Pennsylvania
Shopping center management firms
Real estate companies established in 1957
1957 establishments in Pennsylvania