ELYRIA – An online auction Wednesday for Midway Mall has produced a buyer for the commercial property.
The purchaser is not yet known. Shortly after the auction ended at 9 a.m. Pacific Standard Time, a final bid price for the property showed a price of $4.25 million. The Hanna Commercial Real Estate listing had set the starting bid for the retail property at $1.2 million.
Later Wednesday, the details of the sale were removed from the online listing with a notice about the next step in the process.
“This property is in escrow,” the listing said. “Once escrow has been closed, the auction details will be made available upon request.”
The listing, which includes seven different parcel numbers as one bid package, described Midway Mall and the adjacent area as a “an excellent opportunity” for someone looking “to acquire a well-located regional asset with significant redevelopment potential well-below replacement cost.”
The listing, which is for 585,606 square feet of space, includes J.C. Penney, which is an occupied anchor of the mall, and a retail strip center that includes Staples and several freestanding retail buildings including Aspen Dental and Atlas Theater. Other major mall tenants include Best Buy and Dunham's Sporting Goods.
According to the listing, the property for sale is 80.5 percent leased and the overall development is 65.4 percent leased.
The starting bid of $1.2 million is significantly lower than the market value for the property. According the Lorain County Auditor's Office website, the mall is valued at just more than $12.5 million.
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