Staunton Mall auction closes

By  | 

AUGUSTA COUNTY, Va. (WHSV) — The auction for the Staunton Mall is now closed. The property was up for auction starting Tuesday, before it closed on Thursday.

The Staunton Mall on Oct. 15, 2019

The starting bid was $1,750,000 and according to the auction website "Ten-X," the property includes almost 450,000 square feet of space inside the mall and includes tenants outside the mall, including Dollar Tree, McDonald's, Red Lobster, and Sprint.

The property was also listed on Colliers International's website, a real estate and investment management company. Jay O'Donnell, a vice president with Colliers International, said the owners of the mall believe the assessment is high. According to property records, the mall is worth $9.28 million.

"Showing the market value of the property with real time offers will help their case should they hold onto it and apply for reassessment," O'Donnell said.

The auction closed earlier in the day on Thursday, but O'Donnell said they had seen good interest in the property, which he said has good potential for redevelopment.

"We are pleased with the response so far and currently have several engaged and active bidders ranging from value-add mall and retail buyers to mixed-use developers," O'Donnell said.

While it's not clear if the mall sold, the auction website Ten-X lists the auction as closed and said the property is in escrow.