Indiana Mall may sell for over $ 3.4 million | Local News

It is touted as “a great opportunity to acquire well-located regional assets with significant redevelopment potential well below replacement costs.”

This is Indiana Mall, which was auctioned online on Monday afternoon, and the deadline for the final bid at 1:00 pm today was aimed at Ten-X, a self-proclaimed “major platform” for trading commercial real estate. The purchase price is $ 3,416,666.33. .. “

Online auctioneers advertised the mall as “strategic … located on a major commercial road.” Oakland Avenue is also known as State Highway 286.

according to ten-x.comThe current bid for the White Township Shopping Complex on Tuesday was $ 3,333,333 after the online auctioneer started bidding at $ 850,000.

Covering 455,690 square feet on 44.84 acres along Oakland Avenue, the mall was built in 1979 by Johnstown-based developer George D. Zamias.

It is the property of what became known as Zamias Services Inc. in 1996, servicing a portfolio of assets owned by George D. Zamias Developer and taking advantage of third-party leasing and management opportunities. Did.

Then, in December 2020, it was announced that Indiana Mall was in transition with bank lenders, later the Connecticut-based Starwood Property Trust, an affiliate of the global private investment firm Starwood Capital Group, and Confidence in the United States turned out to be the largest commercial mortgage investment.

In collaboration with Starwood Capital, Starwood Property Trust acquired LNR Property LLC and its subsidiary LNR Partner LLC in April 2013, based in Miami, Florida, the largest special servicer in the United States.

The transition allowed LNR Partners LLC to take over ownership of the mall, according to a statement released by the mall.

“This friendly transition was expected as Zamias Services Inc. worked with lenders during the process,” according to a statement from Mall in December 2020. “Zamiace Service will continue to manage things and expect no changes in the mall. Indiana Mall stores and tenants are open as usual.”

Indiana Mall is one of the 10 properties listed by LNR in the Northeastern United States.

According to Ten-X, the occupancy rate of the mall is 48.9%. Residents of the current mall include JC Penny (the only extant original anchor store), Harbor Freight (opened in 2018), Kohl’s (opened in 2019 at many of the former Sears locations), and the Movie Scoop Theater. included.

In addition, Ten-X posted as follows. In addition, the majority of mall shop tenants have short-term leases, giving investors the flexibility to execute more comprehensive business plans. “

There was no information other than Website. Mall manager Sherry Lenoski declined to comment, and an unnamed staff member at Zamias Service, Inc. also hung up.

Indiana Mall may sell for over $ 3.4 million | Local News

Source link Indiana Mall may sell for over $ 3.4 million | Local News

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