Middleburg, Pa. – The bank that holds the mortgage for the Susquehanna Valley Mall bought the mall back today at a sheriff’s sale at Snyder County Courthouse.
A representative at the Snyder County sheriff’s office confirmed the bank’s attorney had the winning bid at a purchase price of $5.25 million.
The mall’s owner, Susquehanna Valley Mall Associates, had defaulted on the mortgage and owed $33.4 million to U.S. National Bank. The bank filed court papers several months ago.
The mall in Monroe Township, which opened in 1978, has lost several anchor stores in recent years including J.C. Penney, Bon-Ton and Sears. Boscov’s is the lone remaining anchor store. A Boscov’s representative told a reporter this week that they have a lease and intend to stay.
Susquehanna Valley Mall Associates have referred questions to their management, Spinoso Real Estate Group. A representative from Spinoso said they will send an official statement from the CEO in the near future.
More information will be provided as it becomes available.
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