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SAGINAW TOWNSHIP, MI – If an investor wins an online bid to buy Fashion Square Mall, the public may not learn about the indoor shopping center’s fate until late September.
Online bidding for the Saginaw city-based property — which remains open for business — will begin at noon on Monday, Aug. 22, according to officials who run the event.
The auction is scheduled to close on Wednesday, August 24, but officials representing the mall’s owners said the results could be closed after 30 days. A winning bidder must sign a purchase and sale agreement by Thursday, August 25. Legal transactions necessary to close this deal must be completed by Friday, September 23rd.
Investors who wish to participate in the auction must offer at least $2.3 million.
If the auction ends with no bids or the winning bidder does not close the sale, the mall’s owner, Wells Fargo, will continue to operate the mall, officials said.
Southfield-based real estate firm NAI Farbman will serve as one of the managers of the online auction, along with Ten-X, an Irvine, California-based real estate firm.
The mall’s previous owner — Great Neck, New York-based Namdar Realty Group — bought the property in 2015. It is due to pay off a $34.8 million mortgage owed to Wells Fargo by 2020, as part of the lender’s foreclosure bid last year.
Nai Farbman officials said last year that the company is expected to put the property up for auction in 2022 on behalf of Wells Fargo. Now that auction date is approaching.
If an investor bid for the mall’s entry-level bid of $2.3 million, it would represent a much cheaper purchase than previous Fashion Square Mall purchases.
In January 2001, Chattanooga-based CBL & Associates Properties Inc. bought the complex, along with 20 other regional malls and two malls, from the mall’s master developer — Cleveland-based Richard E. Jacobs Group Inc. — for $1.2 billion.
The mall was sold again in July 2016 to Namdar Realty Group — along with The Lakes in Muskegon — for a combined price of $66.5 million, including a $38.2 million loan assumption by Fashion Square Mall.
Not all of the 529,944 square foot mall is available for sale at this time.
While most of the stores in the 100-room mall are tenants, Macy’s has its own box there.
Sears had its own box office at the north end of the facility, although the store closed in 2019. Hoffman Estates, Illinois-based Transformco — which now owns Sears and its former location in the mall — hired Stokas Beery Real Estate to sell the old one. Sears department. The property remains for sale.
Fashion Square Mall opened on October 4, 1972, when shoppers first walked through the doors of the facility built on 71 acres of farmland.
At the time, anchor tenants JCPenney and Sears were the site’s main attractions. Other primary retailers include Town & Country Fashions, William C. Wichman Company, Bintz Sports, Carter’s Shop, Seitner’s, Alfano Stride Rite, and Tait’s Hobby Shop.
During the mall boom that helped define American culture in the 1970s and 1980s, Fashion Square Mall swelled with customers. In turn, the mall attracted business growth along Bay and Tittabawassee streets in those first decades, feeding a starved business district in downtown Saginaw.
In the year In 1993, a new food court was added to allow customers to eat while browsing the shops.
Eight years later, the facility underwent a $10 million facelift that applied a 21st-century sheen to its 1970s-built body.
Foot traffic has declined in recent decades, but that’s due both to the region’s declining population and a shift in consumer shopping habits to online stores.
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