Pittsburgh Post-Gazette’s Post

View organization page for Pittsburgh Post-Gazette, graphic

16,187 followers

A private equity company promised job creation and economic development when it purchased malls nationwide — including Century III in West Mifflin. It left behind a trail of empty, decaying buildings and unpaid property taxes, a PG investigation found. From 2011 to 2014, Moonbeam Capital LLC and its subsidiaries purchased 19 malls and shopping centers in more than 10 states — from West Mifflin, Pa. to Nevada. Steven Maksin, the founder of Moonbeam Investments LLC, was considered a “visionary” and promised the creation of “thousands and thousands of jobs.” Moonbeam has since racked up millions in unpaid property taxes, liens and a litany of building violations in places that were once celebrated as town centers, a PG investigation found. “Their strategy was to pay cash for assets, not invest back in them, bleed the rents, and then leave a vacant, decrepit parcel,” said Ryan McMahon, the Onondaga county executive.

Century III Mall owner Moonbeam Capital bought malls, collected rent while leaving behind decaying buildings

Century III Mall owner Moonbeam Capital bought malls, collected rent while leaving behind decaying buildings

newsinteractive.post-gazette.com

To view or add a comment, sign in

Explore topics