NE Pa. mall heads to auction in June

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SCRANTON, Pa. (AP) - A northeastern Pennsylvania shopping mall goes on the auction block in June.

The (Scranton) Times-Tribune (http://bit.ly/PNLf1P ) reports that the Steamtown Mall will head to a sheriff’s sale on June 10. A list released Monday by the Lackawanna County sheriff’s office indicates that the asking price will be $43.7 million.

Al Boscov, chairman and chief executive of Boscov’s department store, the mall’s sole anchor tenant after Bon-Ton closed in January, has said he is interested in bidding. Attorney Scott Esterbrook said Boscov is still trying to put together financing for the acquisition.

The mall defaulted on a mortgage payment last summer and entered foreclosure March 7. Boscov said at the time that mall occupancy was about 65 percent, but the complex has lost three tenants since then.

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Information from: The Times-Tribune, http://thetimes-tribune.com/

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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