THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Wednesday, May 3, 1995 TAG: 9505030431
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: (Associated Press)
LENGTH: Short : 22 lines
Azalea Mall, Richmond's first enclosed shopping mall, was sold at a foreclosure auction to Aetna Insurance Co. for $2.275 million. Aetna sought the foreclosure after the mall's owner, DBA Associates of the Netherlands, defaulted on an Aetna loan. DBA had owned the property since 1980.
The mall opened in 1963 and once was one of the Richmond area's premier shopping areas. In the past several years, all of its major tenants left, leaving the mall with only a dozen stores. Aetna has hired Goodman Segar Hogan Hoffler, a Norfolk-based real estate company, to handle leasing at the mall. by CNB