Pier Shops in AC Bring in New Managers After Sale

The Pier Shops at Caesars are under new management, following an auction in which lenders took ownership of the Atlantic City oceanfront shopping and dining attraction.

The Pier Shops have hired Cushman & Wakefield, along with Spinoso Real Estate Group, to attract new tenants. The luxury shopping pier was sold Oct. 28 to lenders including U.S. Bank National Association for $25 million plus $1. Previous owners defaulted on their mortgage and owed nearly $150 million.

The Pier Shops were designed to put new glitz and glamour into Atlantic City, but they opened at the height of the market, just before competition in neighboring states, plus the economic downturn, started pummeling the resort.