SAGINAW TOWNSHIP, MI — As customers continue to shop at Fashion Square Mall, consumers interested in buying the entire indoor shopping center must wait.
Fashion Square Mall’s foreclosure auction, scheduled for Friday, Oct. 8, was postponed.
Officials have said that the auction will be rescheduled for later on Friday, but Friday was not the first delay. An earlier foreclosure sale was held for the mallJuly was the date.
Officials predict that the auction will result in the keys to the property. mallUntil Wells Fargo takes the retail center back on the market next year, it will be temporarily under their control.
Related: For sale after foreclosure, Fashion Square Mall’s future is up in the air. Developers see the upside.
Officials claim that through the Saginaw County Circuit Court they can provide the following: mall in fall 2020 entered receivership after its owner — Great Neck, New York-based Namdar Realty Group — defaulted on $34.8 million in mortgage debt owed to Wells Fargo.
Namdar Realty Group remained in control of the property during the receivership. “receiver” in the receivership — Michael Kalil, chief operating officer at the Southfield-based commercial real estate developer, NAI Farbman — oversees the mall’s operations.
Kalil stated last month that Wells Fargo would purchase the property. mallThen, place him in charge of selling the property to a long term owner during the auction.
“When we put it on the market — likely in 2022 — that’s when we’ll see the real interest from other developers,”Kalil stated in September. “And there will be interest.”
Saginaw Township planners and real estate developers were optimistic Fashion Square Mall’s decades-deep roots in township commerce will keep the facility occupied and active for the foreseeable future, although they speculate the facility could grow beyond retail under new ownership.
The mallThis month, she turns 49. After flourishing in retail for decades, a downturn in the region’s population and a global decline for in-person retail shopping this century hurt sales at Fashion Square Mall and many of its shopping center peers.
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