Thursday, February 8, 2007

Eastgate Mall auction snags two conditional offers

According to the Indianapolis Business Journal, two unnamed real estate development firms from outside Indiana made conditional offers for Eastgate Mall at an auction for it and several other properties yesterday.

Both offers for the nearly vacant 370,000-square-foot property were “north of $3 million,” said Gordon Greene, manager of the auction division of Cleveland-based Chartwell Group, which conducted the auction in Columbus, Ohio.

Greene expects one of the offers—both of which are contingent on financing—to be accepted. The reserve price for the mall, which is owned by Dallas-based JTL Capital LLC, was $2.8 million, the IBJ reports.

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