Irony at its finest: malls are now being sold online

Online auctions are becoming more popular among retailers looking sell

TRD WEEKEND EDITION /
Dec.December 03, 2017 03:53 PM

(Pixabay)

Failing malls are increasingly being sold via online auctions, the Wall Street Journal reports.

For example, online marketplace, Ten-X Commercial, is the venue Ohio mall Midway Mall was sold on for $4.5 million in July. It’s one of 10 sales of shopping malls the marketplace has facilitated this year. Since Tex-X began selling malls in 2012, the company has done 50 sales.

On Ten-X, the mall is marketed for up to two months ahead of the auction; the winning bidder has 24 hours to pay a deposit and one month to finalize the sale.

And they’re not the only one in the game: Real Capital Markets has a similar marketplace set up where they’ve managed 57 mall transactions this year alone. They logged 68 last year.

The preference for using an online marketplace has picked up according to Newmark Knight Frank’s Thomas Dobrowski. “Online auctions for properties have evolved over the past five years. They have become more mainstream,” he told the Journal.

Using the online marketplaces are common among properties that tend to be smaller footprints and usually not among the upper echelon of the retail sector.

[WSJ] — E.K. Hudson


Related Articles

arrow_forward_ios

For mall owners like Simon, Brookfield and Vornado, Forever 21 bankruptcy signals more trouble ahead

10 Madison Square West (Credit: StreetEasy, iStock)

Lawsuit: Pet Smart’s animal excrement is stinking up this $11K-a-month apartment

Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)

These were the top 10 NYC retail leases in July

The worst stocks you can buy? Retail. And for many, it isn’t getting better.

US landlords say Topshop owner is freezing them out amid bankruptcy

Bringing the band back together: Eddie Lampert to buy Sears Hometown and Outlet Stores

Bumble’s going brick-and-mortar

Meet the hedge fund that’s buying Barnes & Noble’s 627 stores

arrow_forward_ios