KANSAS CITY, Kan. - On sale at the Legends Outlet Mall -- the entire 1.2 million square foot shopping center.
The outlet mall will be sold to the highest bidder in an auction at the federal courthouse in Kansas City, Kan. It was initially planned for the courthouse steps but was moved to the sixth floor Monday morning.
The five parties who submitted bids for the Friday sale are New York-based DRA Fund 5 and KKR Real Estate, North Carolina-based Tanger Development Co. LLC, and CRG Acquisitions LLC and Fund Holdings and Macerich Legends, both based in California.
The parties will bid electronically until a winner is chosen. The winner will be determined on a combination of money and their plans for the mall.
The highest bid of the auction was $131.5 million from KKR Real Estate. The sale order won't be made official until Monday.
The quick sale is the culmination of several rocky months for the retail, entertainment and restaurant district near interstates 435 and 70.
In May, U.S. Bank foreclosed on a $180 million note. Instead of waiting for the judicial foreclosure process to be completed, court appointed E3 Realty Advisors, Inc. moved for a quick sale of the property.
Legends Shopping Center's ownership group, Legends of KC LP, is hopeful Friday's auction won't change much for shoppers and retailers, though they were hoping the mall would run through the judicial foreclosure process instead of being sold in a speedy auction.
Legends Outlet mall was developed in 2006 as an open-air center. It's the only outlet mall within a 120-mile radius of Kansas City, according to E3 Realty Advisors.
The shopping center draws nearly 10 million visitors per year.
Copyright 2013 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Top Money Headlines
Yahoo is buying online blogging forum Tumblr for $1.1 billion as CEO Marissa Mayer tries to rejuvenate an Internet icon that had fallen behind the times.