The malls auction was postponed until September 24
It’s not every day that one of the most expensive commercial properties in Kitsap County is up for auction.
The Kitsap Mall was set to be auctioned Friday morning, but was postponed until September 24.
No buyers were present at the Port Orchard courthouse, which is not surprising since the property could not be sold for less than is owed at this time.
I would imagine that the lenders will need to take a position of accepting less than is owed in order for the mall to change hands. This may occur within the month, but I believe it will take a bit more time and will be postponed again.
It is my opinion that whoever purchases the mall will continue to operate it with the hope of drawing in more national brands as tenants.
Winco Foods, and it’s 105,000 square-foot footprint, will inevitably draw the most traffic to the mall outside of the holidays on a regular basis. This can only help solidify the operation long-term. That is not to say that it won’t be repurposed into something else in the future, but the foot traffic makes it very intriguing as a long-term hold for an investment.
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