Auction company 

Eastgate Mall in Union Township Auctioned to Deutsche Bank

Eastgate Mall in Union Township of Clermont County is now owned by the bank seized there.

Deutsche Bank Trust Co. America purchased the million-square-foot retail building last month for $13 million through the Clermont County Sheriff’s foreclosure auction after the property failed to secure a higher bid high. A Deutsche Bank spokesperson said it was acting as trustee on behalf of Wells Fargo Commercial Mortgage Securities, which now owns the building.

The mall at 4601 Eastgate Blvd. was originally valued at $20 million, according to a July 12 auction report.

The sale comes 21 months after its longtime owner, retail owner CBL Properties, filed for bankruptcy in November 2020.

Like other malls across the country, mall traffic has come to a halt as a result of the coronavirus pandemic. Online shopping has intensified, forcing mall owners to rethink their plans for the near future.

Chattanooga-based CBL filed for Chapter 11 before the 2020 over the holiday season in an effort to restructure the debt of his properties across the United States. Costar News noted that Eastgate Mall was one of three malls that CBL ended up losing after the filing.

Eastgate Shopping Center in July 2021

Eastgate Mall sits at the busy interchange of Ohio 32 and Interstate 275. It remained open during the bankruptcy process, though it’s unclear whether operations will cease anytime soon. The mall is currently home to over 50 stores and restaurants.

The Enquirer has contacted Wells Fargo Commercial Mortgage Securities and the Eastgate Mall management company and will update this story with more information when they respond.

Now that the bank has taken over the deed to the 40-year-old property, it is expected to be relisted.

Sydney Franklin reports on real estate activity in Cincinnati. Follow her on Twitter @sydreyfrank_ and send story tips to [email protected]

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