Holiday Village Mall sells, deal awaiting official close
October 8, 2019
The Holiday Village Mall has been sold, a representative from Ten-X who declined to give his name said Monday.
He added that they would not be able to provide a selling price, information about the buyer or any other information until the deal has officially closed, at 30 days from the sale.
Holiday Village Mall General Manager Michael Liese was unable to provide comment on the sale Monday.
The Holiday Village Mall was posted on Ten-X, as well as NetLoop.com, to be auctioned off last week. The sale was set to start Monday and end Wednesday and listed Catalyst Commercial Properties Agent Ryan Pachek as the realtor.
The starting bid was set at $250,000 by Ten-X, although Pachek said last week the mall would be sold for a higher price and the price was set at $250,000 to entice more interested parties. The representative from Ten-X said the auction was set to officially close at the end of October, although they found a buyer last week.
Last year, Holiday Village Mall suffered heavy loss of businesses, losing two-thirds of its anchor stores in the mall, when the Sears and Herberger’s stores both permanently closed their doors last summer. North 40 Outfitters, the mall’s last anchor store, announced in September it would hopefully be opening at its new location — the former Havre Kmart on U.S. Highway 2 West — by the end of the year.
But the sale of the mall, which as owned by Security National Properties Funding IV-Havre LLC, was not started due to the businesses leaving.
The mall was put up for auction last year as part of an auction of some of the assets of Colfin Security National Properties Mezz Funding LLC, which owned Security National Properties Funding IV-Havre LLC. Colfin was selling assets to avoid bankruptcy.
The Havre LLC company, including its ownership of the mall, was sold in January outside of the auction to a private lender with Jones Lang LaSalle Americas Inc. managing the property on the lender’s behalf.
Pachek said in a previous interview that the lender that acquired the property in January contacted Catalyst a few months ago expressing interest in selling the property. The lender was not equipped to give the Holiday Village Mall the care and focus needed to get it to its full potential, and desired to sell it to someone who could give it that attention.
Pachek did not return calls Monday asking for further comment about the sale.
Liese said last week that the sale is not expected to impact the operations of the mall.