Jasper Mall to be sold in mortgage foreclosure auction

Posted 9/29/17

By ED HOWELL

Daily Mountain Eagle

The Jasper Mall will be sold in auction at the Walker County Courthouse to the highest bidder on Oct. 11, according to a notice of mortage foreclosure legal …

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Jasper Mall to be sold in mortgage foreclosure auction

Posted

By ED HOWELL

Daily Mountain Eagle

The Jasper Mall will be sold in auction at the Walker County Courthouse to the highest bidder on Oct. 11, according to a notice of mortage foreclosure legal that recently ran in the Daily Mountain Eagle.

The news comes as two anchors, JCPenney and Kmart, recently closed, as well as Chick-fil-A and rue21.

In March, when JCPenney closed at the mall, Jones Lang LaSalle Americas Inc. (JLL) announced in an email that it has been appointed as receiver of Jasper Mall. Daymon Ward, senior general manager of JLL, asked for emailed questions when the Eagle contacted him Friday. He later read a short statement over the phone on Friday.

“Jasper Mall has posted for sale in foreclosure. We do not expect the sale to impact the operations of the center,” he said. “Jones Lang LaSalle will continue to operate the center. There are no anticipated changes to the property at this time. We anticipate a smooth transition to new ownership.”

The recent legal ran in the Eagle Sept. 20 and Sept. 27, and will run once more on Wednesday.  

Maps at the Walker County Probate Judge’s Office confirmed that the property pointed to in the legal includes the mall, with a separate parcel covering the expansion that took in Belk several years ago.

JLL’s website shows spaces are for lease at the 288,575-square-foot mall, with spaces ranging from 500 square feet to 5,000 square feet. The site covers 31.66 acres.

According to the legal, the real property involved would be sold at “public outcry to the highest bidder for cash at the main entrance at the Walker County Courthouse in Jasper, Alabama, on Wednesday, Oct. 11, 2017, between the legal hours of sale.” No sale hours are posted on the notice. It will be sold “as is.”

“This sale is made for the purpose of paying the indebtedness secured by the mortgage as well as the expenses of foreclosure,” the legal said.

The legal notes default had been made on payment of indebtedness secured by Jasper Retail Group, LLC. According to Buzzfile.com, that company “operates under the name Jasper Mall” and is located in Jasper. An Eagle story in 2006 also referred to the company.

In March, Ward emailed in response to questions from the Eagle about the receivership.

“As the receiver, JLL is responsible for controlling and maintaining the asset as an officer of the court. JLL will be responsible for leasing and management of the shopping mall,” he said. “As a receiver, JLL was appointed by the courts to work closely with the lenders and borrower to control and direct the use of the asset until a resolution is achieved.

“Although receivership designations vary state by state, they share the same premise of appointing independent managers to assume fiduciary responsibility. During the receivership process, the receiver chooses the most appropriate firm to manage and lease the asset and provides recommendations for the most profitable outcome of the asset, including the possible sale of the asset.”