VILLAGE OF GREENDALE, Wis. — Southridge Mall could soon get a new owner, setting up the property for redevelopment in the future.
The owner of southeastern Wisconsin's largest mall, Southridge Mall, has filed agreements to finalize the foreclosure of the property, which would set it up for a sheriff’s auction.
Southridge Mall’s lender, a commercial mortgage trust created by JPMorgan Chase Bank, would likely take ownership of the mall via the foreclosure, our partners at the Milwaukee Business Journal report.
The current owner of the mall, Simon Property Group, is asking a Milwaukee County judge to sign the foreclosure. Simon Property owes the lender $121.3 million as of Dec. 6.
The JPMorgan Chase trust may bid the amount of its debt in the Milwaukee County sheriff’s auction for the mall. That would make it a likely buyer for the mall, the BizJournal reports.
The mall located on South 76th Street experienced a loss of revenue during the pandemic. Village of Greendale officials have been trying to find ways to bring new investment to the mall.
Last summer the village bought the separately-owned Boston Store property connected to the mall and hopes to redevelop the area. And the village has also discussed removing private development restrictions on the mall itself, which could allow for a broader mixture of development, according to the BizJournal.