Lincoln Mall in Matteson Sold to 2 Bidders

Lincoln Mall in Matteson Sold to 2 Bidders

Matteson : IL : USA | Jun 06, 2012 at 10:18 AM PDT
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Lincoln Mall Sold at Auction

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.

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Sears Leaving Lincoln Mall
Sears is in the process of closing its anchor store at Lincoln Mall in Matteson, Ill. One reason for the closing is the fate of the troubled mall, which was sold at foreclosure auction on June 1 to two bidders.
bbong is based in Frankfort, Illinois, United States of America, and is a Stringer on Allvoices.
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