A Lewis County Superior Court judge has appointed a receiver for Centralia Outlets LLC, the owner of the prominent outlet mall that straddles Interstate 5 in Centralia, according to Lewis County media reports.
Sterling Savings Bank of Spokane petitioned the court for the appointment, arguing that the outlet mall defaulted on a loan, a claim that was disputed by attorneys representing the mall, according to reports in Lewis County Sirens and The Chronicle.
The retail development, located midway between Seattle and Portland, was among the first factory outlet centers in the Northwest when it opened in the 1980s. The money tussle between Sterling Savings and Centralia Outlets comes after two challenging years for banks and retailers alike because of the financial crisis and the recession.
Lewis County Sirens and The Chronicle reported that Lewis County Superior Court Judge James Lawler on Dec. 3 appointed as general receiver John P. Rader of Pacific Realty Advisors LLC of Seattle.
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