Savannah Mall sold in online auction for $8.5 million
The Savannah Mall on Abercorn Street has been sold in an online auction for $8.5 million, according to a report from television outlet WJCL.
The auction closed Aug. 10 at 1 p.m., more details about the sell will be made available once escrow is completed.
The ticket price includes a half-million-dollar transaction fee, bringing the true purchase price to about $9 million. The winning bidder has not been released. An email to the listing’s broker, Thomas Dubrowski, was not returned by publication.
Learn more:The Savannah Mall is about to be auctioned off. What’s in the deal?
Growth concerns:West Savannah communities endure Georgia Ports’ environmental impacts
Development news:Five housing, hotel developments coming to Savannah historic neighborhoods
The mall received national interest once it was listed for auction, according to Dubrowksi, who said the mall’s regional customer base and dwindling tenant list makes it ripe for redevelopment.
Mall redevelopments have swept the country as consumers move away from big-box retailers towards online shopping. North Point Mall in Atlanta is being redeveloped into a mixture of retail, office spaces, recreation and luxury condos.
The Savannah Mall was built in 1990 and was last sold in 2009 for $9 million, when it was bought by Kohan Retail Investment Group, the company that listed the mall for auction. The property has seen a 91% decrease in sale value from its initial sale in 1991, according to property tax documents.
It has an occupancy rate of just over 50%, according to the auction listing. Two of the anchor retailers — Dillard’s and Target — own their spaces and parking lots. Bass Pro Shops’ has a lease until 2023, according to the listing, but is committed to the mall.
The mall’s redevelopment will be an ongoing story the Savannah Morning News plans to cover. If there are ideas or projects you’d like to see come out of the sale, email Zoe at [email protected]