If you’ve ever considered buying a shopping mall and have the money to do so, you probably shouldn’t pass up the opportunity. Try buying at auction Fashion Square Mall indoor mall based in Saginaw Township.
What is it, and where is the mall up for auction?
Fashion Square Mall is a shopping mall based in Saginaw Township. An important fact is that it is an active center that remains open to the public.
At present, the occupancy level of this commercial space is close to 70%. It maintains an important presence of some well-known brands of recognized prestige and implantation, among them:
- Macy’s
- JCPenney
- AMC Theatre
In addition, it also maintains a relevant presence of retail stores in the area. An important fact is that the auction is not conducted on the entire mall.
Although the vast majority of stores are included in the leases, i.e., they would be included in the transaction, some are not. That is the case of Macy’s, which has its own space in a property.
On the other hand, some commercial spaces within the center are also for sale: This is the case of the former Sears shopping area, whose property is still for sale today.
Making a little history, we see that this mall was inaugurated in 1972, with the presence of some of the most important stores in the commercial landscape of the country, including JCPenney and Sears.
On the other hand, this mall was the central focus of the whole area or commercial district, generating a significant growth of stores in the surrounding streets. This way, it acquired a substantial presence in the Saginaw Township area.
In the 21st century, the facility underwent a major renovation of over $10,000,000. However, user levels have indeed been declining over time. This decline stems from a reduction in the regional population and a change in shopping habits.
Let us not forget that online shopping has generally replaced face-to-face shopping in shopping malls.
The auction of Fashion Square Mall
In 2021, various sources contemplated that in 2022 the property would go on sale, as it has finally happened.
According to the website of the real estate firm that will manage the event, the auction will be held from August 22, 2022. It will have an online character and start with a price of 2.3 million dollars.
Within the commercial claims to make this contest for the mall property more attractive, there are some elements that the real estate firm itself provides.
One of the most relevant is that, although this shopping centre currently serves as a commercial district, when the planned future remodelling is carried out, it will expand the functionalities.
New uses and activity models will emerge, even with non-commercial activities. All of this is reflected in the current municipal master plan. On the other hand, the municipality also maintains an interest in proposals and investments that benefit the community within the Fashion Square Mall district.