qbteachmt,

From the research that I have done in order to get ordinary loss treatment the asset has to be in business use for at least one year.  In other words they would have had the shopping center open for one year or more.  In this case based on my research this is a capital loss whether short term or long term it keeps it's character as a capital item.  Subject to being offset by other capital gains and only allowing a net capital loss of $3000 per year.  The ordinary loss treatment would be a section 1231 loss that one of the requirments would be that it is used in business for at least one year.

John