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Loucile is looking for a Lake Erie getaway in June for three kids, ages 1, 3, and 5.
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Do IT this week: Layering
By Betty Lin-Fisher
Beacon Journal business writer
POSTED: 09:28 p.m. EDT, Apr 22, 2009
Rolling Acres is going on the Internet auction block.
The mall, which closed in October, when electricity was shut off for nonpayment, will be one of 50 properties offered in a live Internet auction on May 1.
While the mall itself is closed, two remaining anchor stores, J.C. Penney Outlet and Sears, are open. A wholesale company uses the former Target building as a warehouse. None of the outside anchor stores, including the former Macy's building, are included in the auction.
The Web-based auction ''really opens it up to national and international potential interested buyers,'' said SACS Consulting President Tim Dimoff, who has been managing the mall and negotiating sale prospects for years for ownership company Invest Commercial LLC in Beverly Hills.
Invest Commercial President and Founder Michael Mirharooni bought the mall in July 2006 for $1.7 million. In November of that same year, he listed it for sale for $4.9 million.
Mirharooni has placed a ''reserve'' price on the property, which Dimoff doesn't know, for the Internet auction.
There continues to be interest in the mall, Dimoff said, despite the recession. Within the last two weeks, Dimoff said he's given three potential buyers a tour.
Details of the auction and property information about Rolling Acres and the other properties are online at http://www.naiglobal.com/powersale. It is being auctioned in a partnership between real estate firm NAI Cummins and Higgenbotham Auctioneers.
The information on Rolling Acres does not indicate that the mall is closed. The information says the property is more than 570,000 square feet with 140 stores/units on 49.5 acres of land and says it is the second-largest mall in Northeast Ohio. Photos online show stores occupied and people walking in the hallways.
Said Dimoff: ''I think what they do is put their best foot forward. They showed some really nice pictures that don't exist and are hoping people will at least look at it. Of course, they do explain to them when they call that it's no longer open and the potential. They're trying to show what it could be.''
Tours in the dark
Dimoff said a few potential bidders have called for walk-throughs of the building. Dimoff said he is showing the property ''during the day with skylights and with flashlights'' since there is no electricity.
The online auction is not held like eBay, where people can bid for days, said Jim Owen, western U.S. division manager and lead auctioneer for Higgenbotham Auctioneers.
People can watch the auction, which begins at 1 p.m., online, and auctioneers will run through each property and take bids at that time. The mall is number 16 on the auction block. The individual auction for a property usually takes about three minutes, Owen said.
Owen said many corporations often use online auctions to sell properties and ''most properties are not what you would say in a distressed'' situation. Owen said his company and NAI Cummins are making sure potential buyers know Rolling Acres is not open.
''We certainly don't want someone to buy it thinking there are 140 open stores,'' he said.
Owen said he'd be speculating when asked whether commercial properties at auction sell for more or less than their typical real estate asking price.
Asked whether there have been properties at auction that don't sell, Owen said there was once a unique house in the Ozarks that a lot of people looked at, but no one bought. A property might also not get its reserve price, so it would not sell.
''The auction method just puts a bigger spotlight on it and creates more urgency,'' he said.
Potential buyers must pre-register for the auction and place a $5,000 deposit. Within 48 hours of the sale, 10 percent of the purchase price must also be submitted or the sale goes to the next highest bidder, Owen said. Potential bidders must also furnish certain information to the company to verify they are a legitimate buyer, he said.
If the highest bidder does not hit the reserve price, it's still possible the owner could accept it, if it's close, said Jennifer Fernandez, the area agent for NAI Cummins.
Outstanding bills
The mall's owner will need a buyer to pay its outstanding bills.
The company owes $305,244 to Summit County in delinquent taxes for the mall and a parking area — $224,781 for the main building and $80,463 for the parking area.
County Fiscal Officer John Donofrio planned to request a tax foreclosure through the county prosecutor last November, but the company indicated it was close to selling the property, so the foreclosure request was postponed, said Shelley Davis, Donofrio's chief of staff.
The county is again planning to seek the tax foreclosure, she added.
County leaders had not heard about the upcoming auction.
''Hopefully, it will sell,'' Davis said.
FirstEnergy Corp. in February 2008 sued Invest Commercial in Summit County Common Pleas Court, saying nearly $130,000 was owed from Dec. 15, 2007, through Jan. 15, 2008. In late October, FirstEnergy notified the owner it would turn off the electricity within days. The owner then notified eight remaining tenants that they would have to leave.
The case is scheduled for trial on July 23. According to court documents filed Dec. 19, 2008, FirstEnergy said it is owed $287,923.29 with interest. FirstEnergy spokeswoman Ellen Raines on Wednesday said she could not discuss an individual account and could not verify how much is currently owed.
The city of Akron is also owed $11,382 for water, said Andre Blaylock, business services administrator for the Akron Public Utilities bureau. The city has not been paid since Sept. 3, 2008, and if the owner does not make payment, the account will be sent for collection, he said.
Dimoff said Mirharooni has been unable to pay his bills.
''All bills are still outstanding and upon sale of the mall, [Mirharooni] plans on paying his bills, but he doesn't have the money to pay the bills until he sells the mall,'' Dimoff said.
Mirharooni's bank has not begun foreclosure proceedings, and his investors are working with him through the sale, Dimoff said.
''I think they're obviously interested in working with him to get their money,'' Dimoff said.
J.C. Penney Outlet Store Manager Don Gozzard said the closing has not negatively impacted his store, and sales are encouraging. The store does not have plans to leave, he said.
Sears spokeswoman Kim Freely said the company will monitor the situation as owner of its building.
''We're hopeful a developer who is able to return the mall to a vibrant shopping destination can be found,'' she said.
Dimoff said: ''Realistically, once the mall is purchased, there may be an opportunity if someone has the ability to purchase it and has some money to revitalize the mall.
''It's going to take creativity. It's not going to come back as a typical mall, but we still think some creative business can turn that location into a thriving area.''
Betty Lin-Fisher can be reached at 330-996-3724 or blinfisher@thebeaconjournal.com. Beacon Journal staff writer Rick Armon contributed to this report.
Rolling Acres is going on the Internet auction block.
The mall, which closed in October, when electricity was shut off for nonpayment, will be one of 50 properties offered in a live Internet auction on May 1.
While the mall itself is closed, two remaining anchor stores, J.C. Penney Outlet and Sears, are open. A wholesale company uses the former Target building as a warehouse. None of the outside anchor stores, including the former Macy's building, are included in the auction.
The Web-based auction ''really opens it up to national and international potential interested buyers,'' said SACS Consulting President Tim Dimoff, who has been managing the mall and negotiating sale prospects for years for ownership company Invest Commercial LLC in Beverly Hills.
Invest Commercial President and Founder Michael Mirharooni bought the mall in July 2006 for $1.7 million. In November of that same year, he listed it for sale for $4.9 million.
Mirharooni has placed a ''reserve'' price on the property, which Dimoff doesn't know, for the Internet auction.
There continues to be interest in the mall, Dimoff said, despite the recession. Within the last two weeks, Dimoff said he's given three potential buyers a tour.
Details of the auction and property information about Rolling Acres and the other properties are online at http://www.naiglobal.com/powersale. It is being auctioned in a partnership between real estate firm NAI Cummins and Higgenbotham Auctioneers.
The information on Rolling Acres does not indicate that the mall is closed. The information says the property is more than 570,000 square feet with 140 stores/units on 49.5 acres of land and says it is the second-largest mall in Northeast Ohio. Photos online show stores occupied and people walking in the hallways.
Said Dimoff: ''I think what they do is put their best foot forward. They showed some really nice pictures that don't exist and are hoping people will at least look at it. Of course, they do explain to them when they call that it's no longer open and the potential. They're trying to show what it could be.''
Tours in the dark
Dimoff said a few potential bidders have called for walk-throughs of the building. Dimoff said he is showing the property ''during the day with skylights and with flashlights'' since there is no electricity.
The online auction is not held like eBay, where people can bid for days, said Jim Owen, western U.S. division manager and lead auctioneer for Higgenbotham Auctioneers.
People can watch the auction, which begins at 1 p.m., online, and auctioneers will run through each property and take bids at that time. The mall is number 16 on the auction block. The individual auction for a property usually takes about three minutes, Owen said.
Owen said many corporations often use online auctions to sell properties and ''most properties are not what you would say in a distressed'' situation. Owen said his company and NAI Cummins are making sure potential buyers know Rolling Acres is not open.
''We certainly don't want someone to buy it thinking there are 140 open stores,'' he said.
Owen said he'd be speculating when asked whether commercial properties at auction sell for more or less than their typical real estate asking price.
Asked whether there have been properties at auction that don't sell, Owen said there was once a unique house in the Ozarks that a lot of people looked at, but no one bought. A property might also not get its reserve price, so it would not sell.
''The auction method just puts a bigger spotlight on it and creates more urgency,'' he said.
Potential buyers must pre-register for the auction and place a $5,000 deposit. Within 48 hours of the sale, 10 percent of the purchase price must also be submitted or the sale goes to the next highest bidder, Owen said. Potential bidders must also furnish certain information to the company to verify they are a legitimate buyer, he said.
If the highest bidder does not hit the reserve price, it's still possible the owner could accept it, if it's close, said Jennifer Fernandez, the area agent for NAI Cummins.
Outstanding bills
The mall's owner will need a buyer to pay its outstanding bills.
The company owes $305,244 to Summit County in delinquent taxes for the mall and a parking area — $224,781 for the main building and $80,463 for the parking area.
County Fiscal Officer John Donofrio planned to request a tax foreclosure through the county prosecutor last November, but the company indicated it was close to selling the property, so the foreclosure request was postponed, said Shelley Davis, Donofrio's chief of staff.
The county is again planning to seek the tax foreclosure, she added.
County leaders had not heard about the upcoming auction.
''Hopefully, it will sell,'' Davis said.
FirstEnergy Corp. in February 2008 sued Invest Commercial in Summit County Common Pleas Court, saying nearly $130,000 was owed from Dec. 15, 2007, through Jan. 15, 2008. In late October, FirstEnergy notified the owner it would turn off the electricity within days. The owner then notified eight remaining tenants that they would have to leave.
The case is scheduled for trial on July 23. According to court documents filed Dec. 19, 2008, FirstEnergy said it is owed $287,923.29 with interest. FirstEnergy spokeswoman Ellen Raines on Wednesday said she could not discuss an individual account and could not verify how much is currently owed.
The city of Akron is also owed $11,382 for water, said Andre Blaylock, business services administrator for the Akron Public Utilities bureau. The city has not been paid since Sept. 3, 2008, and if the owner does not make payment, the account will be sent for collection, he said.
Dimoff said Mirharooni has been unable to pay his bills.
''All bills are still outstanding and upon sale of the mall, [Mirharooni] plans on paying his bills, but he doesn't have the money to pay the bills until he sells the mall,'' Dimoff said.
Mirharooni's bank has not begun foreclosure proceedings, and his investors are working with him through the sale, Dimoff said.
''I think they're obviously interested in working with him to get their money,'' Dimoff said.
J.C. Penney Outlet Store Manager Don Gozzard said the closing has not negatively impacted his store, and sales are encouraging. The store does not have plans to leave, he said.
Sears spokeswoman Kim Freely said the company will monitor the situation as owner of its building.
''We're hopeful a developer who is able to return the mall to a vibrant shopping destination can be found,'' she said.
Dimoff said: ''Realistically, once the mall is purchased, there may be an opportunity if someone has the ability to purchase it and has some money to revitalize the mall.
''It's going to take creativity. It's not going to come back as a typical mall, but we still think some creative business can turn that location into a thriving area.''
Betty Lin-Fisher can be reached at 330-996-3724 or blinfisher@thebeaconjournal.com. Beacon Journal staff writer Rick Armon contributed to this report.
Comments
Click here to post your comments
Canton, OH
Posted 09:58 PM, 04/22/2009
That Mall use to be the ShowPiece of Akron Malls. .WHATTA SHAME !!!!
Akron, oh
Posted 10:14 PM, 04/22/2009
The mall was stolen and robbed to death. Thanks Marco for supporting the thugs of Akron.
Thank you Mayor for the non support to law enforcement and not speaking the out rage of the community thugs that destroyed this Mall.
Akron, OH
Posted 10:24 PM, 04/22/2009
It was the showplace of all NE Ohio malls in early 1980's. But roaming hoodlums took over the halls gradually, and nobody had the guts to expel them for intimidating the normal shoppers and occupying the place as their turf.
It's a crying shame that nobody stood up to the abuse.
Now the whole area looks like a ghetto.
Posted 10:44 PM, 04/22/2009
Are you familiar with Randall Park mall. Same enviroment, same result.
Copley, OH
Posted 10:48 PM, 04/22/2009
How come Oh Edison let the bill get this high? I go 1 MONTH w/o paying an $80 bill and get a shutoff notice the following month for $150!!
Why doesn't the city buy Rolling Acres mall---it's big enough to put taxation, water billing & police in 1 building...if they got at leasat 1 of the anchors, they could have a municipal jail!? Rolling Acres' Bailout...call it City Mall. Free parking for employees...AU could buy up the rest of "old" downtown for $1....
No wonder OE had to downsize...
Anti-Politically Correct & Anti-GOP, OH
Posted 10:50 PM, 04/22/2009
I'll bid 20 bucks
Akron, Oh
Posted 11:15 PM, 04/22/2009
They're lying on the advertisement so people will get interested. With those management skills it's no wonder it went under.
Free crime with purchase of mall, happy bidding!!
Akron, Oh
Posted 11:16 PM, 04/22/2009
I'll buy it. Bring it back to its former beauty.
Akron, OH
Posted 01:18 AM, 04/23/2009
I think it would make a great high-school campus for APS and the price is dirt cheap.
Store units could be classrooms and food court is already there. The fountains and skylights make the hallways pleasant, and the building is strongly built for lots of foot traffic.
It's wired for security, has escalators and elevators for handicapped, and it has plenty of parking. And the price is lower than any other commercial property.
rootstown, oh
Posted 01:27 AM, 04/23/2009
the city of akron should buy it.a lot of services could be put there.it would make more sense than the young's restaurant purchase.
Akron, Oh
Posted 03:44 AM, 04/23/2009
Brick it in, add razor wire and make it a prison.
DIG A MOAT AROUND IT, fill it WITH ALLIGATORS FROM SUMMIT lAKE.Presto! We could have a thug open house.
Posted 03:28 PM, 04/23/2009
make it a cat house ill repute the mayor and akron politicans wold visit presto tax money lil vegas would put akron on the map
