Eastpoint Mall is Sold for $30M

The successful auction bid is significantly lower than the 2006 purchase price of $112 million and the assessed property value of $58 million.

The Florida-based investment and real estate firm that forced the auction of Eastpoint Mall was the successful bidder on the property when it was auctioned on May 29.

Lender LNR Property LLC of Miami had filed suit against Eastpoint Mall owner Thor Equities LLC when the company fell behind in payments. , which was handled by Tidewater Auctions of Towson.

LNR submitted the winning bid of $30 million, according to the Baltimore Business Journal.

The $30 million price tag is considerably lower than the price Thor paid for the 56-year-old shopping center. Thor acquired the property for $112 million in 2006, according to the BBJ, and the economy and property values have declined significantly since.

The mall property is currently assessed at $58.6 million, according to Maryland Department of Assessments and Taxation online records.

The Eastern Avenue mall was built as a traditional, open-air shopping center in 1956 and underwent renovations in 1991 and 2005.

The 67.2-acre property has more than 100 tenants.

Neither LNR nor Tidewater Auction representatives returned phone calls from Patch requesting additional information.

Nothing is known of LNR's plans for the property.

What do you hope happens with the Eastpoint Mall property? Share your thoughts in the comments section below.

RICKJ June 01, 2012 at 11:44 AM
Sadly the mall is doomed.Bad stores and worse conditions.With the changing demographics no good companies are going to put a top line store there.JCPenny and Sears are good stores and other than Christmas they are generally empty and void of paying customers
Dreama Hall June 01, 2012 at 01:39 PM
OMG! I didn't realize it is a year younger than me! haha! I lived in Dundalk from the age of 3 until 8 before moving to Joppatowne in 1964! I remember shopping there with my mom when it was open aired. It was fun times because that's where my mom bought my Easter outfits and my back to school clothes. I distinctly remember Hutzler's, Hoschild Kohn's (sp?), Hecht's (sp?) and most of all we spotted our first color TV in the window of an appliance store, Luskins's (?)! It was a bright Orange and we just stood there mesmerized by the gorgeous color!! LOL!
MGM June 01, 2012 at 01:42 PM
They need to close the mall in its entirety. The mall has not done well since the stores like Hochschild Kohn, Hutzlers, and Kresges closed. Yes, I know this is dating me way back, but the mall was booming with business then. Now you continually hear "sears may be closing" and JC Penney has now changed its entire design as well as the line of products they carry. I used to shop Penneys frequently but now since it geared to the younger generation don't bother to go in for anything. Most of the little boutiques are definitely for the younger adults. Being a sernior citizen, I do not even go in most of the stores there any more because their lines of design are too modernized for me. I do not think the mall is going to do wel no matter what is put in there unless they keep in mind there are older seniors in that area. The food court can't even keep any food stalls in there.
Lewis Melcher June 01, 2012 at 01:55 PM
I say close the mall , crime is high no one wants to go to a mall that is full of shoe stores . its Mondalmond mall east as it is know in dundalk . if you keep placing low end stores in the mall your going to attract a lower class of people who just dont care about anything look how trashy the mall is inside and out burn it down its a big pile of trash anyway
Lewis Melcher June 01, 2012 at 01:59 PM
If sears and JC Pennys was to close who would go to the mall , Low end stores like Valu City Fruniture , Burrlington Coat Factory , DSW are bringing in the people from the city and they people dont care about dundalk or essex what so ever .I rember years ago going to the mall it was always crowded now if you dont need to go u dont go
Shell9 June 01, 2012 at 03:49 PM
I would hope that it would become an open concept like the Avenue at WhiteMarsh. BUT it needs the high end stores like Old navy, Justice, Bath and Body Works..NOT any of the stuff in the mall now. NO DOLLAR discount stores or off name one time wonder stores that sell ghetto clothes. Sears really needs to up their game. It's like walking into a Kmart. Our Sears offers nothing and is so much smaller than every other Sears. Our JCPenny's really does not offer what White Marsh offers. I still have to drive out to White Marsh for better quantity of clothing. A Yogi Castle would be great. Just don't let the DRC anywhere near this project. They will screw it up like they did Dundalk Village and the old Distillery. Maybe it's just easier for me to move closer to WhiteMarsh.
stacie June 01, 2012 at 04:07 PM
As we all know back in 70s eastpoint mall started its transition into mondawin mall east. Since then its went through changes from a enjoyable place to shop and spend time to a place that lures undesirable individuals.the bus lines have given access to those other then what would be acceptable to continue to have a enjoyable and safe setting. The crime has gone up. We all wish that somehow eastpoint could return to the way it was but we all know that it is not only unlikely and definitely doomed by its changes. As a long times resident of dundalk I would love to see eastpoint the way it once was, but sadly due to the circumstances it can not and will not return to the way it was.....best thing that could happen is for johns Hopkins to buy it and turn it into a hospital because the bus lines and ambulances will make it successful.
Dawn June 01, 2012 at 06:04 PM
Well, I hope they do SOMETHING with that facility. It may not be a wildly successful mall, but it is centrally located for many areas. I live in Rosedale and I go there. Maybe not frequently, but it is closer to me than the Avenue at White Marsh and it's a helluva lot easier to park there. I don't find it to be dirty or trashy, unlike places like Security Square Mall, aka the Dirt Mall. I just really hope it doesn't turn into another one of these abandoned mall complexes because, when it does, we all know it will turn into some ridiculous mega church that this area does NOT need.
Parkvillehoney June 01, 2012 at 08:07 PM
Since LNR won the low bid of $30 million, they should have plenty of money for renovations. A concept of stores like the Avenue at White Marsh would be great! I just hope it doesn't sit and waste away. This area needs some high end stores not the trashy cheap stores that are in this mall now.
JIM June 02, 2012 at 03:24 AM
Computer Techy June 02, 2012 at 10:57 AM
Let's be honest about this people, it will never be an Avenue or White Marsh mall. It's on the bus line straight to the city. Colgate is 80% rentals and section 8. This place is a dump. Just drive down Eastern Avenue and look at the people on the bus stop. The street is full of garbage. DD parking lot is a disaster. Any descent person wouldn't go there. It's be over 25 years since I stepped foot in there.
Danny Brooks June 02, 2012 at 11:15 AM
The "Mall" concept us a thing of the past. Add to it being long overdue for renovations, crime, low end stores and safety concerns, you have to see that it was bought with other plans in mind other than Eastpoint remaining a mall. I would expect to see plans for demolition in the very near future. The same thing had to happen at Golden Ring Mall on order for the property to draw consumers back and become successful once again.
Joe June 02, 2012 at 03:52 PM
there is a dollar store in white marsh mall... the harbor place...im sure other places have one as well...there is nothing wrong with a dollar store in the mall its just the type of ppl that go there and hang around there...dont knock stores knock the ppl...
Joe June 02, 2012 at 03:56 PM
white marsh is a bus line right to the city too...ppl just type to type...if u r gonna type stuff and knock something know facts before u say stuff like that...there can be a plan to fix the place u just gotta have somebody who can do it and after one or two months or not booming right away have to close..knock it down and lose the jobs that are there ..no thats not smart at all.... just gotta sit down and put a good plan together and thats the end of it...cant fix everything overnight...
Dkennylee June 06, 2012 at 01:47 AM
Well if you look at the bus stop these people are not going to white marsh. I lived in essex utill I was thirty. Way before the bus line. It seemed like over night the crime was on. And trash on the ground bla z bla.. essex might as well be the city now. Pawn shops package to go bail bonds on every corner boared up stores.. sad really sad. The should do wjat they did to golden ring... if you want to go to the mall go to whitmarsh
paraniodandriod June 08, 2012 at 02:53 AM
30mill sounds kind of cheap for a mall. I never shop at eastpoint, it is a dump. All they sell is pants that sit below the waist and hats with the brim to the side?? I dont shop there for the same reason's I dont go downtown. JMO
Tiny December 22, 2012 at 11:23 PM
Well I have worked at east point for 8 years and I do not want to see it close it has a lot of poor choice stores over the years that has made the mall not so great to shop in it has nothing to do with bus lines or the customers they are everywhere in every mall it's the stores we need things like a target a pharmacy old navy or Aeropostale things like that to boost sales a remodel would be great and some food places its in a great location and I hate white marsh so if it had the stores people will come
Tiny December 22, 2012 at 11:25 PM
And just because your low class or poor or what ever it may be believe it or not they like to wear designer name things also they will buy get out the stores no one ever heard of and give us stores we shop in


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