Imperial Mall goes up for auction at end of the month
The Imperial Mall in Hastings is being auctioned off again and the starting bid could give someone the deal of a lifetime.
Bidding begins on Monday, October 28.
The mall, located in West Hastings, is valued at more than $1 Million, the starting bid is just 10% of that.
The mall sits on 35 acres of land. It officially closed its doors at the end of May.
The owners decided to auction it off, the registration fee is $5,000 and the starting bid price is $100,000.
The constant rising prices for store owners and with the property not being properly maintained caused stores to move out or close their doors. Interest in the sale, so far, has been good.
"One group is looking to fully redevelop turn it into housing or maybe industrial use. We have also had some interest from the city to buy the whole site," said Steve Silverman, Friedman Real Estate.
The sale includes, the mall, movie theater and any other buildings on the property.
"There is a reserve price that we do not disclose until auction day. The starting bid is $100,000, I think it is realistic, they want to move it, they are motivated," adds Silverman.
At one time the mall had about 30 retailers as well as pop up vendors inside the mall. At the very end, fire code violations forced the last handful of tenants out.
The auction starts Monday, October 28 and ends Wednesday, October 30.
For more information call Steve Silverman (248)760-7633.