Northpoint Development buys Schuylkill Mall for $2.1 Million
KAYLEE LINDENMUTH / SENTINEL PHOTO - The former KMart entrance to the Schuylkill Mall. The mall was sold on Tuesday during a bankruptcy auction for $2.1 Million
FRACKVILLE – An email circulated to Schuylkill Mall tenants on Tuesday revealed the results of the bankruptcy auction held that morning.
William G. Schwab & Associates, Lehighton, who conducted the bankruptcy auction, notified mall tenants that Northpoint Development LLC, Riverside, Missouri, submitted the winning bid. That bid was for $2.1 Million and included the assumption of the leases for A&A Auto Parts, Total Renal Care, Big Lots, McDonald’s, Holiday Inn Express and Cracker Barrel.
Northpoint will also maintain Bon Ton’s rights under their ground lease agreement. They will allow rejection of all leases by the trustee pursuant to the bankruptcy code.
This bid is subject to a hearing and approval by the United States Bankruptcy Court For the Middle District of Pennsylvania, with a hearing scheduled for Wednesday, January 25th. Pending court approval, the sale will close on February 24th.
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