{"id":1004022209,"date":"2010-08-10T05:45:26","date_gmt":"2010-08-10T13:45:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004022209"},"modified":"2022-12-09T01:33:41","modified_gmt":"2022-12-09T09:33:41","slug":"breaking-news-troubled-xanadu-under-new-ownership","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/","title":{"rendered":"Troubled Xanadu Under New Ownership"},"content":{"rendered":"<div id=\"attachment_1004022220\" style=\"width: 310px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/08\/4800745894_92bd781dc1.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004022220\" data-attachment-id=\"1004022220\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/4800745894_92bd781dc1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/08\/4800745894_92bd781dc1.jpg\" data-orig-size=\"500,375\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Xanadu\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Courtesy Flickr Creative Commons user Jeffs4653&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/08\/4800745894_92bd781dc1.jpg?w=500\" class=\"size-medium wp-image-1004022220\" title=\"Xanadu\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/08\/4800745894_92bd781dc1.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/08\/4800745894_92bd781dc1.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/08\/4800745894_92bd781dc1.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004022220\" class=\"wp-caption-text\">Courtesy Flickr Creative Commons user Jeffs4653<\/p><\/div>\n<p>By Paul Rosta, Senior Editor<\/p>\n<p>Xanadu, the troubled $2 billion retail and entertainment complex in Northern New Jersey, is under new ownership this morning. In an expected move, the project&#8217;s developers, a group led by Colony Capital L.L.C., turned over the mostly complete project\u00a0to the lenders that hold the secured debt on the 4.8 million-square-foot property, which would be the biggest property of its kind in the United States.<\/p>\n<p>The lenders, which Bloomberg News reported last week include Credit Suisse Group AG, Capmark Financial Group Inc. and an affiliate of Fortress Investment Group L.L.C., are in talks with several developers about taking over the project, the creditor group said in a statement this morning. Conditions for assuming control of Xanadu will include\u00a0\u201crefinishing\u201d the exterior of the five-story project, which has drawn criticism for its garish design, as well as\u00a0a rebranding campaign. According to published reports, developers in the running are The Related Companies and Triple Five Group, the Canadian-based operator of the Mall of America in Minneapolis.<\/p>\n<p>Located in East Rutherford, N.J., Xanadu is part of\u00a0a complex that includes\u00a0several major sports and entertainment venues. A new stadium for the National Football League\u2019s Giants and Jets is scheduled to open this fall. Also part of the complex is the Izod Center, a sports and entertainment arena.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Xanadu, the troubled $2 billion retail and entertainment complex in Northern New Jersey, is under new ownership this morning. In an expected move, the project&#8217;s developers, a group led by Colony Capital L.L.C., turned over the mostly complete project to the lenders that hold the secured debt on the 4.8 million-square-foot property, which would be the biggest property of its kind in the United States.<\/p>\n","protected":false},"author":445,"featured_media":1004022220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21742],"tags":[],"class_list":["post-1004022209","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Troubled Xanadu Under New Ownership - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Troubled Xanadu Under New Ownership\" \/>\n<meta property=\"og:description\" content=\"Xanadu, the troubled $2 billion retail and entertainment complex in Northern New Jersey, is under new ownership this morning. In an expected move, the project&#039;s developers, a group led by Colony Capital L.L.C., turned over the mostly complete project to the lenders that hold the secured debt on the 4.8 million-square-foot property, which would be the biggest property of its kind in the United States.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2010-08-10T13:45:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:33:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/08\/4800745894_92bd781dc1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"375\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Paul Rosta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/\",\"name\":\"Troubled Xanadu Under New Ownership - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/08\/4800745894_92bd781dc1.jpg\",\"datePublished\":\"2010-08-10T13:45:26+00:00\",\"dateModified\":\"2022-12-09T09:33:41+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ed97e8245f278ce01a7b951f706152af\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/08\/4800745894_92bd781dc1.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/08\/4800745894_92bd781dc1.jpg\",\"width\":\"500\",\"height\":\"375\",\"caption\":\"Courtesy Flickr Creative Commons user Jeffs4653\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Troubled Xanadu Under New Ownership\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ed97e8245f278ce01a7b951f706152af\",\"name\":\"Paul Rosta\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/9c1c95e152828621b403b03a53198a2cb762882a74877838d5ccb2f54ebd769f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/9c1c95e152828621b403b03a53198a2cb762882a74877838d5ccb2f54ebd769f?s=96&d=mm&r=g\",\"caption\":\"Paul Rosta\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/paul-rosta-2\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Troubled Xanadu Under New Ownership - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/","og_locale":"en_US","og_type":"article","og_title":"Troubled Xanadu Under New Ownership","og_description":"Xanadu, the troubled $2 billion retail and entertainment complex in Northern New Jersey, is under new ownership this morning. In an expected move, the project's developers, a group led by Colony Capital L.L.C., turned over the mostly complete project to the lenders that hold the secured debt on the 4.8 million-square-foot property, which would be the biggest property of its kind in the United States.","og_url":"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2010-08-10T13:45:26+00:00","article_modified_time":"2022-12-09T09:33:41+00:00","og_image":[{"width":500,"height":375,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/08\/4800745894_92bd781dc1.jpg","type":"image\/jpeg"}],"author":"Paul Rosta","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/","url":"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/","name":"Troubled Xanadu Under New Ownership - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/08\/4800745894_92bd781dc1.jpg","datePublished":"2010-08-10T13:45:26+00:00","dateModified":"2022-12-09T09:33:41+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ed97e8245f278ce01a7b951f706152af"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/08\/4800745894_92bd781dc1.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/08\/4800745894_92bd781dc1.jpg","width":"500","height":"375","caption":"Courtesy Flickr Creative Commons user Jeffs4653"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/breaking-news-troubled-xanadu-under-new-ownership\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Troubled Xanadu Under New Ownership"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ed97e8245f278ce01a7b951f706152af","name":"Paul Rosta","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/9c1c95e152828621b403b03a53198a2cb762882a74877838d5ccb2f54ebd769f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9c1c95e152828621b403b03a53198a2cb762882a74877838d5ccb2f54ebd769f?s=96&d=mm&r=g","caption":"Paul Rosta"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/paul-rosta-2\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2010\/08\/4800745894_92bd781dc1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004022209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/445"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004022209"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004022209\/revisions"}],"predecessor-version":[{"id":1004622471,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004022209\/revisions\/1004622471"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004022220"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004022209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004022209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004022209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}