BBJ: Eastpoint Mall’s Buyer May Sell Again for Higher Price
The Baltimore Business Journal recently published an article tracking the potential impact on Baltimore County’s Eastpoint Mall following its purchase at a foreclosure auction May 29, 2012. As part of their analysis, Baltimore Business Journal asked TD&A Principal William P. Ferrell to weigh in on the sale:
New York-based Thor Equities LLC in 2006 purchased Eastpoint for $112 million, but defaulted on its loan. LNR foreclosed on the mall, forcing an auction.
LNR’s winning bid didn’t surprise William P. Ferrell, a principal for Trout Daniel & Associates, which until recently handled office leasing for Eastpoint.
When prospective buyers asked Ferrell’s opinion on bidding for the mall, he said he gave them a brief answer.
“My advice to them was, ‘Don’t waste your time,’” Ferrell said. “We knew whatever happened, the mortgagee was going to offer a dollar more. It was just a play for LNR to have control back from Thor.”
LNR was one of just two bidders.
It’s unclear who will own the mall once the auction sale is finalized. Bud Perrone, a spokesman for LNR, declined to name the lender or lenders that would assume ownership.
Regardless of which entity takes over, though, Eastpoint could soon change hands again.
“I’m sure they’ll be putting together a national package to sell it soon,” Ferrell said.
To read the complete Baltimore Business Journal article published June 1, 2012, click here.