Start bidding: Fashion Square mall auction kicks off with $6.3 million offer

Saginaw Township, Michigan — Bidding opened at noon on Monday, August 22 for buyers wishing to purchase the Fashion Square Mall, and within two hours the online auction had won an offer for nearly three times the minimum entry fee. rice field.

As of 2:45 p.m. Monday, the highest bid for the Saginaw Township Shopping Center was $6.3 million, according to the online auction website.

The identity of the highest bidder has not been disclosed, and the auction organizers have said they have no plans to provide such details during the bidding process.

The starting bid to enter the auction earlier in the day was $2.3 million.

The website will display the latest highest bid and a countdown showing the number of days, hours and minutes until the auction ends at 11:00 am on Wednesday, August 24th.

The auction ends Wednesday, but organizers said the resulting deal could be completed in up to 30 days.

The auction winner must sign the sales contract by Thursday, August 25th, and the legal transaction required to complete the transaction must be completed by Friday, September 23rd.

Southfield-based real estate firm NAI Farbman is one of the online auction managers along with Ten-X, a real estate firm based in Irvine, California.

The mall’s former owner, New York-based Great Neck’s Namdar Realty Group, defaulted on a $34.8 million mortgage owed to Wells Fargo in 2020.

Last year, NAI Ferbman officials said the company plans to put the property up for auction in 2022 on behalf of Wells Fargo. Well, that auction day is here.

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