PHILADELPHIA, PA — Algon Group, a leading financial restructuring and investment banking firm, recently completed a major real estate restructuring/sale assignment that highlights the challenges facing shopping center owners and developers in the age of Amazon.
In June 2018, Algon navigated Tradition Land Company through several complex transactions that included the sale of 3,028 acres to Mattamy Homes and the transfer of 1,222 acres to an entity associated with the City of Port St. Lucie, FL. The 8,000+ acre “Tradition” property, which has five miles of prime Interstate 95 frontage and three interchanges, was initially designed in the early 2000s as the site of a large mixed-use community. Tradition was planned to have over 11,000 homes and a 300-acre regional mall site, as well as other commercial and retail uses.