Shawnee Mall and Brazos Outlets Center LLC was sold Friday for $12.2 million to Shawnee Brazos LLC.


Shawnee Mall and Brazos Outlets Center LLC was sold Friday for $12.2 million to Shawnee Brazos LLC.
While the new owners didn’t want to comment, they did purchase the property as a credit bid against the existing debt.
This type of financing means the bidder forfeits the debts and purchases the assets.
A bid on behalf of the lender at a foreclosure sale, said Margaret Davis, broker with Century 21 Golden Key. The bid amount must be less than or equal to the balance of the loan in default.
Larry Ball, an Oklahoma City attorney, headed up the auction Friday which was held at the Holiday Inn Express in Shawnee. He is attorney representing Wachovia which owned the note on the mall.
The Oklahoma Secretary of State’s office in Oklahoma City confirmed Shawnee Brazos LLC is a limited liability company, based in Delaware.
The Pottawatomie County Clerk’s office lists the mailing address in Charlotte, N.C.
Scott Kingrey, general manager of the mall, has said the mall selling will have no impact on the tenants.
Kingrey says it never affects the tenants. “All these merchants have leases,” he has said. “They never notice it.”
In February of last year, the mall’s owner, The Lightstone Group LLC, was notified of Wachovia Bank’s intent to foreclose.
The mall, along with Brazos Outlets Center LLC in Lake Jackson, Texas, was purchased in 2004 by Lightstone for $39.5 million.
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Josh Burton may be reached by calling 214-3926.