Cranberry Mall sold at auction

From staff reports

A representative with a California-based commercial real estate exchange has confirmed the Cranberry Mall was sold at auction.

The representative of the exchange, which is called Ten-X, was not authorized to release further details, including identity of the buyer and auction price.

Ten-X had set a starting bid of $1.3 million for the auction, which began Oct. 31 and was scheduled to run through Nov. 3.

Neither the mall’s assistant property manager, Jeff Clark, nor the broker for Texas-based Keller Williams Realty, whom the Ten-X representative said is handling the transaction, could be reached for comment.

The “property information” portion of the Ten-X listing, as of Sept. 9, shows the mall has 43.4% occupancy, along with various selling points to prospective bidders.

In September, Clark, told the newspaper that after the auction he expects the property “will still be a mall, primarily because of the leases.”

At the time, Clark estimated the mall has “about 16 or 17” tenants, which include anchor businesses Dunham’s Sports, Joann Fabric, Ollie’s Bargain Outlet and Cranberry Cinema.

The property had been owned by Los Angeles-based Oakwood Management Group.


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