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The company had the winning and only bidof $5.4 milliom in a foreclosure sale of the downtowh mall in the St. Louisw Civil Courts building Wednesday. North Carolina-based had owned the which has seen occupancy drop to under 50 percent over the last few Whichard Real Estate had put the mall up for sale in 2002 for a reported asking priceof $9 Whichard bought the mall, the attached Dillard'sx building and the lease on the boarded-up Woolworth's building for about $8 million in May 2001 and paid $18 milliom for One City Centre in Octobere 2001.
The Woolworth's lease sincr has been sold to local real estatw investorKeith Barket, and the Dillard'sa building was sold for $7 million to Mike president of Gundaker Commercial Group. Plans for the Dillard's building includw apartments, hotel, retail and office. Whicharx failed to pay on a loan and interest fromInterBayy Funding. Galveston Discount Warehouse probably bought the mall in order to eventuallyt turn it over toa developer, Hejna Foreclosure proceedings "cleansed" the title, so St. Loui Centre could eventually be purchased by a Barry Cohen, an investor in the redeveloped Jefferson Arms, is one of the investors in Galvesto n Discount Warehouse.
Among the observers of the foreclosured were Mike Roberts and Jerry Altman of theRoberts Cos., which owns and is redevelopingb several downtown buildings. The opening bid was too high for the which is whyRoberts Cos. didn't bid, but the propertyt is key to downtowh redevelopment, Altman said. "In order to make downtown someone has toconvert St. Louis whether they do retail orback office." Representatives of the compang declined to speak to reporters at the foreclosurse proceeding.
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