Eastpoint Mall Auctioned for $30M
- Jun 01, 2012
The Eastpoint Mall in Dundalk, MD sold May 29 at auction for $30.3 million, barely one-quarter of the asking price it commanded
in 2006. LNR Property LLC, a Miami Beach, Fla.-based real estate investment firm, submitted the winning bid. Tidewater Auctions LLC of Towson handled the sale at the Circuit Court for Baltimore County on Bosley Road. A $1 million deposit was required at the time of the purchase.
Eastpoint Mall was built in 1956 as a two-anchor, open-air center, one of Baltimore’s first shopping centers. It was enclosed in 1972, thus becoming a mall, and two additional anchors were added. The 845,000-square-foot mall is located on a 67-acre parcel, at the intersection of Eastern Avenue, North Point Boulevard and I-695, just one mile from I-95.
This one-level regional enclosed shopping center is anchored by Sears, JCPenney, Burlington Coat Factory, Shoppers World, Value City Furniture and DSW Shoes. It has over 120 specialty shops and services including Bath & Body Works, Applebee’s, The Children’s Place, FYE, Footlocker, Payless Shoe Source, Game Stop, Kay Jewelers and Rue21. The mall is served by two bus lines and an on-site taxi stand. It was renovated twice, in 1991 and 2005.
Thor Equities LLC, a New York-based investment firm, acquired it in 2006 for $112 million. Since then its value has plummeted. According to state records the mall now has an assessed value of $58.6 million. With the economy going through hard times, Thor failed to keep up with payments. As a result of a lawsuit filed by lender LNR Property LLC against Thor Equities, the circuit court appointed Greg Maloney, Retail CEO for Jones Lang LaSalle, as the receiver for the mall in February.
The auction attracted interest from across the country. LNR competed with another bidder for the mall. For the moment Eastpoint Mall’s future remains unknown as LNR has declined to comment on their intentions for the property.
Image courtesy of https://www.facebook.com/eastpointmall.