U.S. Bank only bidder for Fort Steuben Mall
COLUMBUS — U.S. Bank, the holder of the mortgage for the Fort Steuben Mall, was the sole bidder for the facility Wednesday afternoon in U.S. District Court.
The sale price of the mall was two-thirds of its estimated value, or about $10.3 million.
Even Scurti, executive director the Jefferson County Port Authority, said the sale was brief, “and went as expected with the only official interest from the bank which holds the note on the mall.”
“I introduced myself to the attorney representing the bank and said the port authority was very willing to work with the mall for marketing purposes,” Scurti said.
Steubenville City Manager Jim Mavromatis and Law Director S. Gary Repella also attended the foreclosure auction.
A financial website reported in May the mall went into foreclosure in February 2016 and was being prepared for sale.
According to Trepp Talk, “the $37 million Fort Steuben Mall went into foreclosure on the heels of a transfer to special servicing in January. The loan is backed by an 821,996-square -foot mall that lists Wal-Mart, Macy’s and Sears as their main tenants, combining for nearly 67 percent of the mall’s square footage.”
Sears closed its store in 2016 and Macy’s is in the final days of a closing sale.
The website said the mall’s loan was transferred to special servicing in January, “due to the borrower stating they will no longer fund shortfalls to cover debt service. The mall lost several tenants due to corporate bankruptcies causing the property’s occupancy to drop to 62 percent.”