The Shops of Grand Avenue in downtown Milwaukee has again been scheduled to be sold in an online auction.
The auction will take place from Oct. 21 to Oct. 23, at Auction.com, which is handling the sale along with Rockwood Real Estate Advisors.
The starting bid for the mall will be $4.75 million. A bid deposit of $50,000 is required.
The property to be sold is a four-building complex at 275 W. Wisconsin Ave. with 298,109 square feet of space, and an adjacent 1,748-space parking structure.
The auction will not include the Boston Store building at 331 W. Wisconsin Ave., which is separately owned by Wispark LLC.
The Shops of Grand Avenue was previously scheduled to be sold in an auction.com online auction from June 17-19, but was postponed.
WAM DC LLC, a group of Milwaukee civic and business leaders, led by Godfrey & Kahn attorney Stephen Chernof, wants to buy and redevelop The Shops of Grand Avenue mall in downtown Milwaukee into a mixed-use complex.
The Shops of Grand Avenue is currently owned by a Bank of America commercial mortgage trust. Mid-America Real Estate manages the mall itself and leases the retail space in the property.
The value of the Shops of Grand Avenue, built in 1982, has fallen dramatically over the years as the mall has struggled with high amounts of vacant retail space. An investment group formed by New York-based Ashkenazy Acquisition Corp. bought the property in 2005 for $31.7 million. In 2012 it was sold in a foreclosure auction for $8.5 million to a subsidiary of the mall’s lender, a group of Bank of America investors.
