An online auction for Fashion Square Mall in Saginaw Township is scheduled for August 22-24. The mall is currently owned by lender Wells Fargo, after the previous owner, Namdar Realty Group of Great Neck, New York, defaulted on its $34.8 million mortgage nearly two years ago.
NAI Farbman, a commercial Real Estate firm based in Southfield, has been overseeing operations at the mall. Farbman, along with online commercial real estate company Ten-X, are coordinating the online auction, with an opening bid of $2.25 million. The mall is being advertised as having a 67% occupancy rate, with anchor stores JC Penney and Macy’s still open. A separate firm is looking for a buyer for the space formerly occupied by Sears, which the company still owns.
Fashion Square Mall turns 50 in October, and like many malls around the country, has seen a decline in tenants and shoppers in recent years, as more people make purchases online.
NAI Farbman and Ten-X have opened online registration for auction bidders on their websites.