Northgate Mall Posts for Sale Out of Foreclosure
- Jun 20, 2011
Northgate Mall is finally on the market.
The posting comes more than a year after the bank holding the mortgage filed foreclosure papers against Feldman Mall Properties, the mall’s owner. New York real estate firm Rockwood Real Estate Advisors was hired to sell the Colerain Towhship mall to potential investors, with almost 40 groups identified as potential buyers, according to court documents. Although Northgate Mall has seen better times, there is hope that with fresh capital and new ownership things can take a turn for the better.
Northgate Mall is situated less than a mile south of I-275 and just a mile north of Ronald Reagan/Cross County Highway, at Colerain Avenue and Springdale Road. It has more than 1.1 million square feet of retail space and comprises more than 100 specialty shops and two department stores: Macy’s and Sears.
In 2005, when Feldman Mall Properties bought the mall, it was worth $110 million. But tenants have moved out since then, plans for a new high-end movie theater fell through, hard times hit and the mall lost almost 70 percent of its value. In May, the Hamilton County auditor’s office valued the mall at just over $34 million.
Early last year, Judge Ethna Cooper appointed San Diego-based Douglas Wilson Cos. as receiver. The San Diego workout expert was charged with overseeing the uninterrupted operation of the mall as it prepared to market and sell the property. During this time, the property has seen some leasing activity, which suggests that interest exists.
Colerain Township officials say they are very commited to helping revitalize the mall and are looking forward to partnering with the new owner in its redevelopment. They also hope that a buyer will also buy the vacant Dillard’s property, which totals 175,000 square feet and includes a parking lot.
Rockwood hopes to choose a buyer by July 1st and to close the deal by mid-October.