Lender wins $50,000 bid for Shenango Valley Mall lease
A New York-based realty company is now operating the Shenango Valley Mall after submitting a $50,000 bid on the lease at a sheriff's sale on Monday in Mercer County.
A New York-based realty company is now operating the Shenango Valley Mall after submitting a $50,000 bid on the lease at a sheriff's sale on Monday in Mercer County.
A federal judge placed the mall under receivership in February after Iowa Square foreclosed on a $3.4 million dollar loan made to the operators of the mall.
According to court documents, JSMN Shenango Valley Mall LLC of New Jersey stopped making payments on the loan in August.
In addition, $222,729 in property taxes were paid a month late in December.
Like many other mall properties around the country, the Shenango Valley Mall has seen large anchor tenants close their doors.
Sears and Macy's closed their Shenango Valley Mall stores last year.
Some smaller stores, such as Rue 21 followed with the closing of it's Hermitage store.
