Business & Tech
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.
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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.
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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.
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