Shoppingtown Mall in DeWitt sold in online auction
Wed, 21 Aug 2013 19:18:37 GMT —
Shoppingtown Mall in DeWitt sold in an online auction on Wednesday.
The auction house would not say how much the mall was purchased for, or who purchased it. The information is expected to become available in the next few weeks.
The Post-Standard reports that the mall sold for $13.65 million.
The starting bid was $7 million with an initial bid deposit of $50,000. The property located on Erie Boulevard is 988,054 square feet.
According to the listing, ShoppingTown Mall is currently at 66.90% occupancy. It was originally developed as an open-air center in 1954 and redeveloped and enclosed in 1974. It was most recently renovated in 1992, which included an expansion.
LNR Property took over ownership of the mall in January of 2011. The Post-Standard reports the mall ended up in foreclosure under its previous owner.