Beleaguered Lincoln Mall in south suburban Matteson, Ill., hit the auction block on June 1 and was sold off to two bidders.
“The sale won’t be final until confirmed by the foreclosure judge,” said Michelle Panovich, a receiver for the mall at U.S. 30 and Cicero Avenue and a senior vice president with Mid-America Asset Management.
Panovich said the mall was sold as five parcels.
Three of the parcels were acquired by Credit Union Liquidity Services LLC, the Texas-based lender who filed suit against the mall’s owner Realty American for defaulting on a $40 million loan.
She declined to name the other buyer until the court approves the bids. The process should take about 14 days, she said.
The Judicial Sales Corp., which conducted the auction in Chicago, on its website listed the bid for the two parcels as $154,500, which Panovich confirmed.
“If someone bought it, I’m happy,” said Panyovich about the sale. “The buyer said they intend to keep the mall open.”
The mall has been on a decline for more than a decade. The pending departure of Sears will leave Carson’s as the mall’s single anchor store, though JCPenney and Target have stores adjacent to the shopping center.