Owner Of GMAC Insurance Complex Defaulted On Mortgage An d Walked Away

7:34 AM, Apr 27, 2012   |    comments
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Greensboro, NC -- Facing the potential loss of its anchor tenant, the owner of the GMAC Insurance complex in downtown Greensboro has defaulted on its mortgage and walked away from the property.

The Business Journal reports the change in ownership comes amid speculation the building's chief tenant, GMAC Insurance, could be moving within two years into a downtown Cleveland, Ohio, building.

The problem is the insurance company has a lease on the West Fifth Street property through September 2014.

That's three months before the Cleveland building renovation is scheduled to be completed. 

The Business Journal

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