ATLANTIC CITY, NJ—The Caesars Pier shopping center here is about to change hands. Philadelphia developer Bart Blatstein has teamed up with casino architect Paul Steelman to buy the 300,000-square-foot retail center.
The duo has reached an agreement to acquire the three-story, half empty property for $2.8 million, according to The Inquirer. The shopping center cost Taubman Centers and its partners more than $200 million to build.
In 2011, a group of lenders foreclosed on the center, canceling $135 million in debt and interest Taubman still owed, and eventually put the property up for sale.
“I love Atlantic City. I grew up going to the Shore. And this is the best time to buy there," with casinos shutting down and property values cratering, Blatstein says. "For those who think A.C. is done for, they are out of their minds. This is a great opportunity to come back into Atlantic City." See story in The Inquirer.
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