October 19, 2020

Mississippi mall auctioned for $3.5 million after loan default

A Mississippi mall has been sold for $3.5 million after a previous owner defaulted on a loan.

The Commercial Dispatch reports Leigh Mall in Columbus was sold last week in an online auction.

The winning bidder won’t be named until the sale closes, which could take several weeks.

The new owner gets 300,000 square feet (28,000 sq. meters) of retail space and more than 30 acres (12 hectares) of land.

Colony Financial took over Leigh Mall after Security National Properties defaulted on a $34.7 million loan in 2018. Leigh Mall was one of dozens of properties securing the loan.

Lowndes County tax officials valued the mall at $12 million to $18 million in 2018.

The mall, built in 1973, is 57% occupied. Original anchors J.C. Penney and Sears closed.