Today through Wednesday, August 22-24, there will be an online auction for Fashion Square Mall in Saginaw Township. After Namdar Realty Group of Great Neck (New York), defaulted on its $34.8million mortgage almost two years ago, the mall is now owned by Wells Fargo.
NAI Farbman is a Southfield-based commercial Real Estate firm that has been overseeing the mall’s operations. Farbman and Ten-X, an online commercial real estate company, are co-coordinating the online auction with an opening bid at $2.25 million. The mall is being advertised as having a 67% occupancy rate, with anchor stores JC Penney and Macy’s still open. Sears is still the owner of the space. A separate firm is looking to purchase it.
Fashion Square Mall celebrates its 50th birthday in October. This mall, like many others around the country, has seen a decline both in shoppers and tenants in recent years as more people buy online.
Online registration is now available for NAI Farbman (and Ten-X) auction bidders via their websites.