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.