Oak Court Mall in East Memphis to be put up for auction
Oak Court Mall will be going up for auction at the end of the year, according to a foreclosure notice dated Dec. 6.
The mall, located at 4465 Poplar Ave., has struggled to attract and retain tenants in recent years and the owner, Washington Prime Group, filed for bankruptcy last year. The Ohio-based company struggled significantly during the early stages of the pandemic, losing $133.9 million in the first nine months of 2020.
Originally opened in 1988, Oak Court Mall is anchored by Macy’s and Dillard’s. The property started losing chain retailers even before the COVID-19 pandemic, including The Gap and Jos. A. Banks.
The mall has largely filled vacant storefronts with small, local businesses ranging from retailers to a bakery to a dance studio.
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Asked about the mall’s future last year, before Washington Prime declared bankruptcy, retail industry analyst Jan Kniffen, head of J. Rogers Kniffen Worldwide Enterprises LLC in Greenwich, Connecticut, said the trend of filling spaces with non-chain retailers is likely going to continue .
“Retail chains have been closing left and right. Now the malls are looking to fill space. You’re going to see more locals open and more pop-up shops. The malls are going to take risks (on retailers) they never had to take before,” Kniffen previously told The CA.
As of Tuesday, Oak Court Mall is no longer listed as a Washington Prime property on the group’s website. The only other mall the company owns in Tennessee is in Johnson City.
The property takes up four different tax parcels and includes a parking garage. The assessed value of the parcels is more than $23 million, according to public records.
According to the auction notice, “all unpaid taxes and any other prior claims, liens, easements, set back lines and restrictions” will be part of the sale.
The auction is set for noon Dec. 28 at the Shelby County Courthouse.
Corinne S Kennedy covers economic development and healthcare for The Commercial Appeal. She can be reached via email at [email protected].
This article originally appeared on Memphis Commercial Appeal: Memphis’ Oak Court Mall will be put up for auction
