Zamias Services, Inc.

Zamias Services, Inc. is a commercial real estate and shopping mall company based in Johnstown, Pennsylvania. The company was created by George Zamias in 1957.
History.
Carolina Circle Mall was purchased out of foreclosure in September 1993 for $16 million from General Electric Capital. Beechmont Mall was purchased in 1997 for $24 million. Zamias sold Euclid Square Mall for $4 million to Haywood E. Wichard in August 2000. Metropolitan Life Insurance sold Zamias 10 malls in 1998. Zamias filed for Chapter 11 bankruptcy in May 2001, due to the loss of a lawsuit filed by American Property Consultants. The company also faced legal issues with Goldman Sachs in 2001, and stopped managing 14 malls it owned with them. Zamias exited bankruptcy in 2004. Diamond Run Mall, built by Zamias in 1995, was sold for $53.2 million to Gemini Real Estate Advisors in September 2007. Gemini kept Zamias as mall management.
The Johnstown Galleria, built by Zamias in 1992, was sold for over $57 million to Gemini Real Estate Advisors in July 2008. Gemini kept Zamias as mall management. America's Realty purchased 50% of Olean Center Mall from Zamias in August 2008. Warren Mall was sold under pressure from Sun America bank, for $720,000 to Kohan Retail Investment Group in April 2011. The mall at the time of sale was considered distressed and not salvageable. Zamias and Bon Aviv Investment LLC in April 2012 purchased five shopping centers for $68 million from Kimco Realty. Zamias with partners repurchased Diamond Run Mall in 2013. The Mall at Steamtown, while under foreclosure in March 2014, was run by Zamias. Boulevard Mall, while under foreclosure in December 2017 was managed by Zamias.
Diamond Run Mall closed for redevelopment in Fall 2019. Zamias was replaced as management of The Johnstown Galleria on February 1, 2020 due to the mall entering receivership. Indiana Mall in December 2020 was turned over to the bank, but Zamias continued as mall management. Olean Center Mall was sold to Olean Town Center LLC for $7.2 million in December 2020.
Pittsburgh Mills.
Originally known as the Frazer Heights Galleria, Zamias started plans to construct Pittsburgh Mills in 1981. Mills Corporation, Zamias, and KanAm Group built Pittsburgh Mills at a cost of $285 million, and it opened in August 2005. Zamias took over the mall from partner Mills in December 2006, splitting ownership with KanAm. Wells Fargo foreclosed on Pittsburgh Mills in 2015, with Pittsburgh Mills Limited Partnership owing $142.9 million on its loan. The mall's value by March 2016 had fallen to $11 million, down from $190 million in 2006. Wells Fargo purchased the mall at auction for $100 in January 2017.
List of major properties.
Major properties owned or managed by Zamias as of 2020 include:
List of former major properties.
Major properties previously owned or managed by Zamias include: