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Monday, Sep. 26, 2016

Dyersburg Mall sells for $4.35 million

Friday, November 16, 2012

The auction featuring the Dyersburg Mall closed early Thursday afternoon with a final purchase price of $4.35 million. The property is currently under contract with details concerning the identity of the buyer expected to become public record after the closing.
Bidders participating in the auction for the Dyersburg Mall put on a show on Thursday as bids escalated throughout the early afternoon, adding over $1 million to the selling price in less than one hour.

The bid, just over $3 million shortly before 1 p.m., first rose in $100,000 increments with bidders often waiting until a few seconds before the purchase became final before entering the next bid. As the price rose, minimum bid requirements fell to $50,000 and, finally to $25,000.

The auction ended at approximately 1:30 p.m., with a final selling price of $4.35 million. The property is now under contract, with officials at auction.com stating the winning bidder's name will become public information within 30 days.

Jacob Biddle, an associate with Commercial Advisors L.L.C., said the fact that the property was on the auction block does not mean that the operation is in trouble.

Biddle said the property first went on sale through auction.com. It was not offered to a variety of potential investors and then put on the auction block when those opportunities fell through. The auction was the seller's first choice to market the property.

"A lot more real estate is heading toward this platform," said Biddle. "(The property) wasn't marketed in a traditional fashion. This was the process chosen by the seller. (The sale) doesn't impact the tenants or the operation of the mall."

Biddle said once the property closes, more details will be available.

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Maybe this is a good thing. I realize the economy is not at it's best, but this Mall has potential to be better than it has in the past if the new Mall owners put the right manager in place and actually pursue businesses to fill the empty spaces. Maybe it is possible that the Cracker Barrel coming in will produce some looker to Dyersburg's potential...let's hope so....

-- Posted by Beachvol on Fri, Nov 16, 2012, at 8:33 PM

Yes, Beachvol, I agree with you that this may be a good thing. With a little innovation and filling the vacant spots with new merchants the mall could become vibrant again. This could bring in more shoppers and more revenue for the city of Dyersburg. It could be a win, win situation all around. Let's hope so.

-- Posted by realworld on Sat, Nov 17, 2012, at 1:37 AM

Cracker Barrel will fill a space but don't eat from their Menu.

-- Posted by JBDyer007 on Sat, Nov 17, 2012, at 12:05 PM

Cracker barrel? low risk, low reward...

-- Posted by DMASE on Sat, Nov 17, 2012, at 5:29 PM

I think that an outlet mall like the one in Sikeston, MO would do well in that spot. Our population and income is too low to attract mid to high end retailers but an outlet mall would probably work.

-- Posted by left early on Tue, Nov 20, 2012, at 8:54 AM

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