The article reports that other bids were received from the banksthat had loaned money for the asset, and another undisclosedbidder. The transaction closed on Jan. 29. Jim Batjer and BarryBrown marketed the mall on behalf of the seller.
The American-Statesman quoted seller attorney Eric Taube assaying the purchase price represented the property's fair-marketvalue, though it's less than the $161 million owed on the $192million construction loan. The mall, situated on 152 acres on StateHighway 71, wentinto foreclosure last summer when developer Opus West Corp.was unable to meet its debt obligations when its short-termconstruction loan matured. With credit markets frozen, Opus Westcould not obtain a new loan, and defaulted on the property.
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