The article reports that other bids were received from the banks that had loaned money for the asset, and another undisclosed bidder. The transaction closed on Jan. 29. Jim Batjer and Barry Brown marketed the mall on behalf of the seller.
The American-Statesman quoted seller attorney Eric Taube as saying the purchase price represented the property's fair-market value, though it's less than the $161 million owed on the $192 million construction loan. The mall, situated on 152 acres on State Highway 71, went into foreclosure last summer when developer Opus West Corp. was unable to meet its debt obligations when its short-term construction loan matured. With credit markets frozen, Opus West could not obtain a new loan, and defaulted on the property.
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