None of the three former Milwaukee-area Boston Store buildings put up for auction last week commanded high enough offers from bidders to meet their reserve price, according to industry sources.
The three vacant multi-story buildings up for sale are located at Brookfield Square, Mayfair Mall and Southridge Mall. They were put up for auction on the website Ten-X.com.
They generated bids in the millions of dollars. In fact, bidders went back and forth on the Brookfield Square store, driving the final price up to $6.8 million before the auction closed.
But none of the three buildings received bids matching or exceeding their reserve price, according to sources.
It isn't unheard of that properties don't meet their reserve price when being auctioned, and it also does not mean the buildings won't eventually sell. In some cases, a seller can work out a deal with one of the bidders after the failed auction, according to sources.
The Brookfield Square building totals 217,500 square feet on 16.3 acres, at 15875 W. Bluemound Road, Brookfield. The Southridge Mall store is nearly 219,800 square feet on 14.8 acres at 5300 S. 76th St., Greendale. The Mayfair Mall store is located at 2400 N. Mayfair Road, Wauwatosa, and totals nearly 206,700 square feet on 15 acres.
The buildings became vacant after The Bon-Ton Stores Inc., parent company of Boston Store and Younkers, went bankrupt and closed all its stores in 2018.