Over the years many people have been going to area malls for a good sale, but in a few weeks, one of the malls itself will be up for sale.
The Pine Ridge Mall in Chubbuck is up for auction and could have new ownership as soon as next month.
An online auction for the building will take place from November 5th through the 7th. Rockwood Real Estate Advisors and Auction.com have been retained by the owners of the mall to conduct the sale. The bidding will start at Three Million Dollars. Potential buyers are required to put down a $25,000 deposit to participate in the auction.
The auction could be a good investment, in addition to anchor stores like Sears and Shopko, the mall includes dozens of other tenants. The property also includes the Pine Ridge 10 Theater that gives the mall a net operating income of 1.6 Million dollars this year.
We reached out to the mall’s ownership company, General Growth Properties, but our call was not returned, and there is no indication this sale will have any effect on the Grand Teton mall which is owned by the same company.