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.

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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