Marley Station Mall Bought By Lender, Faces Uncertain Future

Glen Burnie MD

22 July, 2021

2:45 PM

Description

GLEN BURNIE, MD — Yet again, Marley Station Mall was bought at auction, this time after its lender purchased the property out of foreclosure during an auction held Wednesday on the steps of the Anne Arundel County courthouse. The 34-year-old mall was auctioned last September during a foreclosure auction for the second mortgage on the property that had more than $17 million in outstanding liens plus an outstanding balance. The lender purchasing the property this time around may try to find a new buyer or come up with other ways to repurpose the mall, according to the Baltimore Business Journal. The 364,000-square-foot mall, located at 7900 Ritchie Highway, is 34 years old and used to house such anchors as Macy's, Sears and J.C. Penney. The mall lapsed into foreclosure this year and the owner, Marley Station Mall LLC, a subsidiary of G.L. Harris, filed for bankruptcy. But the mall was purchased by a local investor at auction for $1.65 million last fall shortly thereafter. Then, the local investor discovered that the bankruptcy filing in Texas had put a stop to the foreclosure auction sale. The Marley Station property held two loans: one for $15.6 million and the other for $1.6 million, Paul Cooper of Alex Cooper Auctioneers, which handled the auction, told Biz Journals.