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HAMMOND, IN-It didn’t turn out quite as planned, but Great-West Life & Annuity Insurance Company has finally unloaded the Woodmar Mall, an aging 219,610-sf enclosed mall here that it took back for debt about two years ago. The buyer, a private local investor, paid $3 million for the property, which is located at 165th and Indianapolis Boulevard.

The mall is anchored by a Carson Pirie Scott department store that occupies 110,000 sf. Broker Dave Keady of HSA Commercial Real Estate, the company hired to dispose of the property for Great Life tells GlobeSt.com the mall has suffered since Wal-Mart opened adjacent to the property in 2000 and has “a lot of vacancy.”

HSA began its assignment as the court-appointed receiver for the mall in August 2000. In May 2001, after Great Life, the lender on the property, acquired the property for debt at a sheriff’s sale, Keady and HSA managing director Tim Blum were handed the disposition assignment. Keady says they marketed the property as a redevelopment play and garnered interest from lots of developers, but all were looking for municipal assistance, which wasn’t forthcoming.

“I think the new owner will try to re-tenant the building in its current condition,” HSA Commercial Real Estate’s David Keady tells GlobeSt.com. “In our opinion it needs more than that; it needs to be redeveloped.”

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