Park Plaza Mall in Little Rock will be sold on the Pulaski County Courthouse steps on Oct. 28, according to a report in Arkansas Business.
The sale for the 404,617-square-foot mall at 6000 West Markham Street and a vacant parking lot is to satisfy an $86.2 million judgement awarded to Deutsche Bank Trust Co. Americas against Park Plaza Mall CMBS LLC of Chattanooga, Tennessee.
In March, the bank, acting as trustee for Registered Holders of Wells Fargo Commercial Mortgage Securities, filed the foreclosure suit in Pulaski County Circuit Court, saying the mall defaulted on a loan after missing a payment last year.
The lawsuit is tied to a loan of $99.4 million originally made to Park Plaza’s owner, CBL Properties of Chattanooga, Tennessee, by Wells Fargo in 2011. The loan is secured by the mall and its 240,843-square-foot parking deck.
In court papers, the bank said that as of July 1, it is owed $86.2 million plus court costs and attorneys’ fees. The order for the foreclosure was entered on Sept. 13 and Park Plaza had 10 days to pay the judgment.
The public auction will be held at noon.
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