Fashion Square Mall Being Offered in Online Auction

Fashion Square Mall Being Offered in Online Auction

source: Ten-X

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A live auction for Fashion Square Mall in Saginaw Township will take place August 22-24. 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 operations at this mall. 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 still owns the space, but a separate company is looking to buy it.

Fashion Square Mall will turn 50 in October. It has also seen a decline of tenants and shoppers over the years as more people shop online.

Online registration has been opened by Ten-X and NAI Farbman for auction bidders.

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