SAGINAW TOWNSHIP, MI — Bidding began at noon Monday, Aug. 22, for buyers hoping to purchase the Fashion Square Mall, and within two hours, the online auction netted an offer nearly triple the minimum entry fee.
According to the online auction website, Monday’s highest bid for the Saginaw Township shopping centre was $6.3 million.
The top bidder’s identity was not revealed and auction organizers have said they don’t plan to provide such details during the bidding process.
The auction’s starting bid was $2.3million.
The website shows the latest top bidAs well as a countdown showing the days, hours and minutes left until the auction closes at 11:11 a.m. on Wednesday, August 24.
The auction will close Wednesday. However, organizers stated that the transaction could close up to 30 days later.
Auction winners must sign a purchase/sale agreement by Thursday, August 25, and close all legal transactions by Friday, September 23.
Southfield-based real estate firm NAI Farbman is one of the online auction’s managers, along with Ten-X, an Irvine, California-based real estate firm.
The mall’s previous owner — Great Neck, New York-based Namdar Realty Group — in 2020 defaulted on $34.8 million in mortgage debt owed to Wells Fargo, setting up the lending giant to grab the property last year as part of a foreclosure auction.
Officials from NAI Farbman last summer stated that the company expects to auction the property in 2022 on Wells Fargo’s behalf. Now, the auction date is set.
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