With more retailers shuttering stores across the U.S., some property owners and managers are trying to unload weak malls at a faster pace. The quickest and easiest way to do that, it turns out, is online, the Wall Street Journal reported. In July, Midway Mall in Elyria, Ohio, was sold for $4.5 million via an online auction hosted by Ten-X Commercial, an online real-estate transaction marketplace. Privately held commercial real-estate investment and management firm Namdar Realty Group purchased the single-story, 585,606-square-foot mall for $8 a square foot, according to data from Real Capital Analytics. The mall, built in 1965, was foreclosed on last year, and its mortgage was transferred to LNR Partners LLC, a special servicer that oversees workouts of troubled loans. (Subscription required.)
