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What Commercial Landlords and Chamillionaire Have in Common

Nick Timiraos The Wall Street Journal
The Cannery at Del Monte Square in San Francisco, on which Vornado recently stopped making payments.

The Cannery at Del Monte Square in San Francisco, on which Vornado recently stopped making payments.


Commercial property owners, including Macerich Co., Vornado and Simon Property Group now have something in common with rapper Chamillionaire: They’re all walking away from debts on their property.



In June, rapper Chamillionaire said he still had the cash to pay the mortgage on his 8,000 square-foot mansion, but he “decided to let that house go because the house ended up being worth nothing.”

That’s the reasoning behind some commercial property owners recent moves, according to an article in Wednesday’s WSJ. “These companies all have piles of cash to make the payments,” write reporters A.D. Pruitt and Kris Hudson. “They are simply opting to default because they believe it makes good business sense.”


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