Major portions of Southroads Technology Park will be auctioned in October, regardless of the selling price.
The auction for the mall at 1001 Fort Crook Road is scheduled for Oct. 3 at 2 p.m.
S. Scott Moore, a partner and realtor at OMNE Partners, said the properties will be sold at the auction regardless of the price.
He described the mall as broken up into three boxes. The northern and middle sections, whose occupants include Cornerstone Christian School, Bob’s Fitness Center and what Moore called “month-month-month” renters, will be auctioned. They are owned by Southroads Shopping Center LLC., according to property records.
The southern portion, which will not be part of the auction, is occupied by a TierPoint data center and was sold to South Bell Realty LLC for $4 million in November 2018, according to property records.
Moore estimated the sections to be auctioned encompass 450,000 square feet of space, although he won’t know exact area until an architect examines the space.
When Southroads opened in August 1966 it was the second largest enclosed shopping center in the metropolitan area with more than 500,000 square feet on 27 acres, according to archived stories. At one time the mall housed TD Ameritrade but has been largely empty for many years.
Moore said long-term leases will be inherited by the buyer. Cornerstone’s lease runs to 2026 plus two five-year options.
Bob Sterba, president of Bob’s Fitness Center, said his business’s lease has 16 more years on it and he has no intention of leaving and the auction will not affect the business. He said it recently expanded to around 45,000 square feet.