Eastgate Mall in Clermont County’s Union Township is now under the ownership of the bank that’s foreclosed on it.
The mall at 4601 Eastgate Blvd. was originally appraised at $20 million, according to an auction report from July 12.
The sale comes 21 months after its longtime owner, retail landlord CBL Properties, declared bankruptcy in November 2020.
Like other retail hubs around the country, mall traffic came to a halt in the wake of the coronavirus pandemic. Online shopping ramped up, causing mall owners to rethink plans for the near future.
Chattanooga-based CBL filed for Chapter 11 ahead of the 2020 holiday season in an effort to restructure the debt on its properties throughout the U.S. Costar News noted that Eastgate Mall was one of three malls that CBL ended up losing after the filing.
Eastgate Mall sits at the busy interchange of Ohio 32 and Interstate 275. It’s remained open during the bankruptcy process though it’s unclear whether or not operations will cease anytime soon. The mall is currently home to over 50 stores and restaurants.
Union Township administrator Susan Ayers said her office is unaware of Wells Fargo’s plans for the site.
“We look forward to working with all ownership of the mall facility to determine the best way to work with their interests and the community’s interests,” she said.
The Enquirer reached out to both Wells Fargo Commercial Mortgage Securities and Eastgate Mall’s management company and will update this story with more information when they respond.
Now that the bank has taken over the deed for the 40-year-old property, it’s expected to be relisted for sale.
Sydney Franklin reports on the business of real estate in Cincinnati. Follow her on Twitter @sydreyfrank_ and send story tips to sfranklin@enquirer.com. View original Article Here