Johnstown, Pennsylvania – Johnstown Galleria is auctioning off online marketplace Ten-X Commercial Properties with a base bid of $1.4 million.
Bidding will begin on Monday and end on Thursday, according to the website. As of Wednesday, no bids had been placed, Ten-X staff said.
A Ten-X staffer said it was common to reach out by phone and wait until the final hours of the auction to bid.
A countdown clock until Galleria’s bidding window expires appears on the Ten-X website with a profile of the property at 500 Galleria Drive in Richland Township.
Zamias Services Inc. built the Galleria in 1992.
Florida-based Adar Johnstown LLC took over the mall’s mortgage in 2014, and Zamias became the mall’s property manager.
The Tribune-Democrat has been tracking mall foreclosures that have unfolded over the past two years.
In 2020, Zamias turned over control to Spinoso Real Estate Group, a court-appointed trustee in Syracuse, New York, as the mall’s lenders moved toward foreclosure in August of that year.
Lenders foreclosed on the mall and took it as collateral for a $15 million mortgage debt.
The US Bank National Association, which trusts the Deutsche mortgage and asset receiver corporation holders, was a foreclosure plaintiff against Adar.
The US Bank National Association then listed the mall for sale by the Cumbria County Sheriff in September 2021, at least partially paying off its debt.
With no bidders in the Sheriff’s sale, the US Bank National Association bought the mall at the Sheriff’s Base Price of $238,718.
At the time, Susan Lamir, a solicitor for the Cumbria County Sheriff’s Office, was anticipating another sale. At the time, she told The Tribune-Democrat that if she bought the same property that the bank had put up for sale, she would sell the land at a fair market value to recoup the mortgage debt owed by the bank. He said he might try.
Spinoso Real Estate Group, which continues to manage the mall, declined to comment on the auction.
According to Ten-X’s website, the broker handling the Galleria auction is Pittsburgh-based Three Rivers Commercial Advisors. They didn’t return the call on Wednesday either.
Russ O’Reilly is a reporter for The Tribune-Democrat. follow him on twitter @RussellOReilly.