(Mark Your Calendars: RealShare DISTRESSED ASSETS, October 4-5 in Grapevine, TX).
BAKERSFIELD, CA-The East Hills Mall in Bakersfield, CA will be sold at a bankruptcy court ordered auction on September 22, 2011 in Los Angeles. Originally developed by the Hahn Co. in 1988, the entire East Hills Mall site comprises approximately 410,000 square feet on 36 acres of land.
East Hills Mall was previously anchored by Gottschalks and Mervyns stores. When both retail chains filed for bankruptcy and were subsequently liquidated in 2009, the mall struggled to pay its debts and its owner, BH Mall LLC, was forced to file for bankruptcy.
The marketing for the property is being handled by San Diego-based Commercial Realty Insite / The Gild Property Group Inc., which tells GlobeSt.com that the mall should fetch anywhere from $4 million to $7 million. The minimum starting price is $4.1 million.
The portion being sold at auction consists of the mall shops and theatre of approximately 178,000 square feet of leasable area on 17.8 acres. Located along the 178 freeway in northeast Bakersfield, the property is surrounded by many other national retailers including: Wal-Mart (recently expanded to a Supercenter), Target, Home Depot, PetSmart, OfficeMax, Rite Aid, Walgreens, Big Lots, Big 5 Sporting Goods, and 24-Hour Fitness.
Tony Gild, managing partner of Commercial Realty Insite, says that the property will likely be sold at a price well below replacement value. “This is a great opportunity for an investor to step in and get an incredible bargain,” Gild says. “With strong retail synergy surrounding the mall and a prominent location along the 178 freeway, it is a great piece of real estate. There is huge upside potential for this property to serve the in-fill trade area of 110,000 in a three-mile radius.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
