Shenango Valley Mall will be sold

HERMITAGE, Pa. — The Shenango Valley Mall will be sold when credit markets improve, said an official who is overseeing mall operations.

The future of mall ownership has been up in the air since the former owner, Lightstone Group of New Jersey, defaulted on loans late last year.

The lenders placed the mall into receivership, which includes turning over operations to a third party appointed by a judge.

Jones Lang LaSalle, a Chicago-based management company, was named receiver of the property earlier this month by Judge Christopher St. John of Mercer County Common Pleas Court. It will be the second quarter of the year at least until potential buyers can access enough credit for a purchase, a Jones Lang LaSalle official said.

For more information, see Saturday’s Vindicator or www.vindy.com.