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Country Club Mall Posted for Sale

October 8th, 2020 by WCBC Radio

The Country Club Mall has been posted for sale by auction with a starting bid of $1.3 million.  A potential buyer will assume a $21.9 million loan with monthly principal and interest payments of $153,953.98, with a June 1, 2020 payment due. The current owner Gumberg Asset Management Corp of Fort Lauderdale, FL has not made a payment since May. There has been a sharp decline in occupancy after the closing of anchor stores Bon Ton , JCPenney and SEARS, with the mall currently 52.3% rented. The online auction of the 391,000 sq ft property starts on November 16th, running to November 18th.