STERLING – Northland Mall will be up for auction in 2 weeks.
An online auction will run Oct. 28-30 through Ten-X Commercial Real Estate. The starting bid is $600,000 for the 292,000 square-foot-mall at 2900 E. Lincolnway, which is about 36 percent occupied.
Namdar Realty Group, a privately owned commercial real estate investment and management firm based in Great Neck, New York, bought the mall in December 2017 from Denver-based J. Herzog & Sons.
Only one of the three anchor spots at the mall, which opened in July 1973, is occupied, by Dunham’s Sports. Original anchors Bergner’s and JC Penney closed in the past 2 years
Dunham’s is under lease through 2024.
There’s about 187,000 square feet up for lease, including vacant box space at 101,000 square feet and 60,000 square feet, according to auction details.
“This property offers investors significant value-added potential via aggressive lease-up, modernized capital improvements, outlot/outparcel development, and professional property management,” according to the auction description.
Recent changes at the mall include the Kopper Kitchen restaurant closing in late July after 4 years, and Warrior Nutrition shake and tea shop opening up across the hall.
Go to ten-x.com and search for 61081 to see the mall’s auction listing.