Mt. Shasta Mall purchased for $49 million

Feb 20, 2015 1:38 PM by News Staff, Photo via Twitter: Mt. Shasta Mall

The Mt. Shasta Mall in Redding has been purchased for approximately $49 million by a New York based real estate company.

Rouse Properties announced the purchase in a press release Wednesday, saying the mall had been acquired for a total purchase price of approximately $49.0 million, excluding transaction costs and closing adjustments. The acquisition was financed with a new ten-year $31.9 million non-recourse CMBS loan with an interest rate of 4.19%.

"We are pleased to announce the acquisition of Mt. Shasta Mall, further adding to our significant presence throughout the state of California," commented Andrew Silberfein, president and chief executive officer of Rouse Properties.

In a news release, Rouse cited the mall's close proximity to Interstate 5 as one of the biggest draws to the mall.

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