Shopping centers sold at public auction

By Ashley Barker
abarker@scbiznews.com
Published Jan. 7, 2014

Only the plaintiffs placed bids on Citadel Mall and West Ashley Shoppes during Charleston County’s Master-in-Equity public auction.

Citadel Mall was the first item on the auction list. The plaintiff, 2070 Sam Rittenburg Blvd. Holdings LLC, purchased the property for $65 million. Citadel Mall CMBS LLC was the defendant. The mall’s debt through Nov. 5 was $69,479,172.52, according to Charleston County court documents.

A motion was approved in November to substitute 2070 Sam Rittenburg Blvd. Holdings LLC as the plaintiff in place of U.S. Bank National Association, as trustee, which is successor in interest to Bank of America, as trustee for the registered holders of Wachovia Bank Commercial Mortgage Trust.

West Ashley Shoppes, located across from Citadel Mall on Orleans Road, was also sold to its foreclosure plaintiff, 946 Orleans Road Holdings LLC. It was purchased for $18.3 million. The shopping center’s debt was $24,381,935.88 as of Nov. 5 court documents showed.

A motion was approved in November to substitute 946 Orleans Road Holdings LLC as the plaintiff in place of U.S. Bank National Association, as trustee, which is successor in interest to Bank of America, as trustee, and successor by merger to LaSalle Bank National Association, as trustee for the registered holders of J.P. Morgan Chase Commercial Mortgage Securities Trust.

The plaintiffs filed documents prior to the sale to waive deficiency judgments, which are used to seek personal money judgments against defendants. The waiver made both sales final.

All successful bidders are required to pay 5% in certified funds on the day of the auction. The remaining balance is due in 30 days. When the balance is paid, the deed will be given to the successful bidder, who will then become the title owner of the property, according to Mikell R. Scarborough, master in equity.

The auction, held today at the Charleston County Judicial Center, had to be moved a larger room nearby because of the high attendance.

Both plaintiffs were represented by attorney Christopher Towery, an associate of Kilpatrick Townsend & Stockton LLP. Towery refused to comment on the sale.

Reach Ashley Barker at 843-849-3144 or @AshleyNBarker.

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