The Ten-X listing stated that the mall has a 43.4% occupancy rate and lists Dunham’s Sports, Ollie’s Bargain Outlet, and the Movies at Cranberry as its anchor tenants. The auction was scheduled for October 31 through November 3, 2022, with an opening bid set at $1.3MM. The mall was once again listed for sale on LoopNet at a price of $3.5MM before Los Angeles-based Oakwood Management Group listed the property for sale on Ten-X, a real estate auction site.
Tertiary markets are smaller metro areas that are not large enough to be primary or secondary markets. They reach out to certain buyer profiles that are actively buying assets like this in tertiary markets.” “During the auction process, Ten-X explodes the process in terms of marketing. “We reached out to a lot of people who hold similar (properties) or are in the market for larger retail or mixed-use properties,” LaMay said. I think there’s definitely a significant upside.”ĭundas came into the picture after LaMay’s company and Ten-X reached out to buyers who might be interested in a property like the Cranberry Mall. There aren’t a lot of fresh tenants, it’s not happening all the time, but it’s possible. “It’s a tough market, but it’s not like it hasn’t seen some improvement. “(Dundas) has turned around assets like this in the past, so I think they will bring on the right resources to at least give it a good effort,” LaMay said.
Regardless of the price, LaMay thinks the buyer, Dundas Real Estate Investment, is an excellent fit for the property.
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