Central Mall in Texarkana, Texas, is scheduled for auction in a foreclosure sale next month and will remain open, an official said.
A Sept. 7 foreclosure sale notice states that the current owner, Gregory Greenfield and Associates Central Mall Partners LP of Atlanta, Ga., has defaulted on a loan for $134,500,000, which became due June 5.
The mall has separate companies that own and manage the property.
JLL, the mall's management company since 2005, will continue to manage Central Mall with "no anticipated changes to the property at the time," said Justin Hamilton, the mall's marketing and specialty director.
Even with the foreclosure sale bringing about a new owner, Central Mall will remain open and shoppers will see no noticeable changes, Hamilton said.
"We don't expect the sale to impact operations in any way," he said. "We anticipate once we have a new owner, it will be a smooth transition and the center will continue to operate as it always has."
The mall property, located at 2400 Richmond Road, is among foreclosed properties scheduled for sale beginning at 1 p.m. Oct. 2 at the Bowie County Courthouse in New Boston, Texas.
All bidders must be able to provide proof of their ability to finance the purchase, according to the foreclosure notice.
The mall was sold to Greenfield by Central Mall founder Warmack and Company in 2004, according to earlier reports. Greenfield owned shopping malls in several Texas cities and in New Mexico when it bought the mall in 2004.
The largest Central Mall retail tenant, Dillard's, recently completed a major store remodel.
Meanwhile about a year ago, Sears, one of the mall's anchor stores, shuttered its doors as part of a companywide downsizing for the longtime brand.
In its 40-year existence, the mall has influenced much of Texarkana's economic growth and land usage.
Texarkana's Central Mall, former pasture land with a red barn and cattle, first opened for business in 1978.
When the mall was built, there was virtually no retail development along the Interstate 30 corridor.
The mall's draw helped lure other businesses from downtown and central areas to Texarkana's western side.
In 1987, the mall had about 70 tenants and drew from a trade area of about 225,000 people, according to a 1988 Gazette article marking Central Mall's 10th anniversary.
The mall was remodeled in 2003.
In 2012, the mall had about 75 retailers and drew from a trade area of about 310,972 people, according to records.
The mall presently has about 60 to 62 retailers, Hamilton said.