Park Plaza purchased by financial institution that previously held mortgage on the mall


The way forward for Park Plaza Mall in Little Rock is unclear after the property was offered at an public sale Thursday. With just one bidder throughout a quick continuing on the Pulaski County Courthouse, the 61-year-old mall was offered for $100,000.

“The opening bid is $100,000 on behalf of the plaintiff’s assignee. Do I’ve every other bids greater than $100,000 {dollars}? Going as soon as, going twice, thrice. Bought to the plaintiff’s assignee,” mentioned Pulaski County Clerk Terri Hollingsworth. The one bid got here from a consultant of Deutsche Financial institution.

Arkansas Enterprise reported earlier this month that the mall’s proprietor defaulted on a mortgage from the financial institution, with the public sale ordered to fulfill an $86.2 million judgment, which was awarded to Deutsche Financial institution Belief Co. Americas in opposition to Park Plaza Mall CMBS LLC of Chattanooga, Tennessee.

In courtroom papers, the financial institution mentioned that as of July 1 it’s owed the judgment and extra courtroom prices and attorneys’ charges. The order for the foreclosures was entered on Sept. 13 and Park Plaza was given 10 days to pay the judgment.

Kim Glover, the courtroom administrator for Pulaski County Circuit Court docket, defined “As a result of the plaintiff’s assignee was the successful bidder, they’re allowed to credit score that bid in opposition to the plaintiff’s judgment. So what’s going to have to be tendered to us is the price of the sale.”

The price of sale contains the commissioner’s price and the recording price for the deed.

Lawyer Charles Coleman made the bid on behalf of the lender, however might say nothing extra in regards to the future plans for the property.

“I don’t have the liberty to say something, I actually don’t,” Coleman instructed KUAR Information after the public sale.

“They haven’t given us any indication of what’s going to occur to Park Plaza Mall,” Hollingsworth mentioned. “Let’s hope that it continues. Not solely is it a historical past level, it’s a vacation spot level.”

Park Plaza

The doorway to Park Plaza Mall from W. Markham Avenue in Little Rock.

The clerk’s workplace holds judicial gross sales each Thursday at midday, making this a traditional occasion for Hollingsworth. She mentioned on the courthouse it’s typical to solely have one bidder.

“I might say it’s distinctive as a result of it’s a mall, however apart from that it’s very routine,” she mentioned.

Watching the public sale was Phillip Lee Willyard, a contractor who labored on the mall over the past six months and earlier between 1991 and 1997 to make repairs. He mentioned he was involved about the way forward for the mall.

“From what I’ve seen with the mall, it’s declined within the final six months. And, it’s unlucky as a result of it’s a staple of the neighborhood,” Willyard mentioned in an interview. “It’s been right here for a really, very very long time. All people identifies with it. It’s a terrific place.”

Willyard commented in regards to the worth the mall was offered for, saying he hoped it stayed as part of the neighborhood.

Getting it at that worth, they’re going to have cash to have the ability to spend money on and make the repairs essential to make it pleasant for the folks.”

Like different malls within the nation, Park Plaza has suffered from modifications in procuring patterns, particularly as on-line retailing has grown. Mall anchor Dillard’s, which relies in Little Rock, owns the property it sits on and gained’t be instantly impacted by the change in possession.


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