Muncie Mall headed for sheriff's sale in May

MUNCIE, Ind. − What was once a thriving center of retail for East Central Indiana is headed for a tax sale in May.

Muncie Mall, with the exception of Buyers Market, which had already purchased their portion of the mall building, will be placed in the Sheriff's sale at 10 a.m. May 10. Asking price for the property is $32 million.

Wells Fargo Bank has taken control of the mall, which was owned by retail developer Washington Prime Group. Washington Prime stopped paying the mortgage on the mall property in 2020, essentially sending it back to the bank, and filed for bankruptcy in 2021.

Mayor Dan Ridenour said the move could lead to the property being sold by the bank to an owner who would redevelop the retail center, which is currently enclosed.

Two of three anchor spots at the mall are currently empty, along with much of the interior space the mall, which was built 53 years ago.

The mayor also noted that an new pet supply store is being built on the westside of the the mall parking lot across from Target.

Late last year a shopping center in the mall's neighborhood, Muncie Marketplace, was sold to JLL Capital Markets. The 77,871-square-foot center sold for $14.6 million and is home to Dick's Sporting Goods, Five Below and Michael's arts and crafts stores, McAlister’s Deli, Kay Jewelers and GameStop, according to JLL Capital Markets, which enabled the sale.

War Chest Real Estate LLC was the buyer, JLL announced in December. JLL represented the seller, AlbaneseCormier Holdings LLC.

This article originally appeared on Muncie Star Press: Muncie Mall headed for sheriff's sale in May