ANAHEIM The pending sale of GardenWalk, an outdoor mall of shops and restaurants across from Disneyland, was postponed Tuesday until April 8.
A trustee auction was set to take place at the flagpoles outside Placentia City Hall at 10 a.m. amid a series of other foreclosed properties, including homes with starting bids at less than $300,000.
The estimated price of GardenWalk: $196 million.
But as an auctioneer rattled off addresses, the GardenWalk property was listed among the postponed auctions, leaving the few people gathered to hear the outcome of the mall’s fortunes disappointed.
No further explanation for the postponement was given. Trustees typically postpone sales if they are trying to renegotiate financing or if the current landowner declares bankruptcy.
Bill Stone, senior vice president of Excel Realty, the company that developed and manages GardenWalk, was on an airplane Tuesday and couldn’t be reached immediately for comment. He said last week he expected the auction to be postponed as financial negotiations continued.
No potential bidders for the GardenWalk property made themselves known at Tuesday’s scheduled auction. Those who gathered included tenants of GardenWalk, a representative for the CinemaFusion – the theater that anchors the mall – and contractors who said they’ve yet to be paid for working on the mall.
“CinemaFusion is very much looking forward to the opportunity to develop a good working relationship with a new owner and landlord, whoever that may be,” said Geoffrey Madden, an investment banker for CinemaFusion, which has been battling in court with Excel.
Bill O’Connell, whose company is proposing building two hotels totaling 866 rooms next to the mall, also came to the auction.
“We are scheduled to break ground next year,” he said. “Like many people, we care about who will own this property.”
GardenWalk, at 321 W. Katella Ave., opened in 2008 and now includes more than 60 stores and restaurants, like P.F. Chang’s and California Pizza Kitchen. But the mall, which opened as the economy was diving, has struggled to attract customers.
Garden Walk II, LLC, the equity partners who financed GardenWalk, failed to make payments on more than $188 million in outstanding loans. As a result, in September, Citigroup Global Markets Realty Corp. filed a notice of default. When the loan still was not current in February, they filed a notice of trustee’s sale.
Unless a deal is worked out in coming weeks, the new sale will take place at 10 a.m. April 8 – back at the Placentia City Hall flagpoles.
“It’s not every day we see properties worth that much here,” said Jake Maroni, a real-estate broker who came to the auction with the hope of bidding on a Buena Park home – worth about $320,000. “$196 milliion? That’s a little rich for my blood.”
Recent GardenWalk stories:
- GardenWalk hotels to proceed despite mall woes
- Disney-area GardenWalk to go on sale March 9
- Disney-area theater files for bankruptcy
- Disney-area mall adds stores, loses others
- Ugly dogs come to Disney area
- Anaheim Gardenwalk to host Ugliest Dog Competition
- ‘People still vacation’ — Disney expects new time shares to sell out fast
- BLOG ROUNDUP: Food and freebies at the Anaheim GardenWalk
- Disneyland-area mall lures few customers
Troubled GardenWalk mall auction postponed is a post from: Around Disney
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By the way, The Harley Store is open, rockin & rolling and can’t wait to see this center continue to grow and push through these troubling times that are effecting us all.
Get everyone to spend a little money and we can all push through this sooner than later.
(Not the same Disco with other comment)
The best theater is there, Cinema Fusion. Great restaurants. GardenWalk has it all – plus right in the resort area, freeway accessible, I don’t know why the place is hurting so bad.
I’ll take it!!
Of course they will postpone and try to work something out, no buyer with $200 mil to sink into that parcel would want to be stuck with an existing development plan. Finding a suitor, catering to their whims and trying to please all interested parties is a tougher sell than getting people to shop there.
I’ll go $1 Drew (Bob).
Just knock everything down and turn it into a parking lot. It will make more money.