North Grand Mall up for sale in June
Photo: Andrew Clawson/Iowa State Daily
New stores are set to open soon at North Grand Mall in Ames; Kohl’s, TJ Maxx and Shoe Carnival are among the ones to open.
April 24, 2015
The North Grand Mall property will be auctioned during a sheriff’s sale in June because of defaulted mortgages, according to court documents filed in Story County District Court.
The company that owns North Grand Mall, Illinois-based GK Development Inc., defaulted on mortgages totaling more than $37 million, according to the Ames Tribune.
According to the Ames Tribune, in May 2007, North Grand Mall Partners took out two 10-year mortgages — one for $32 million and the other for $1.8 million — with Prudential Mortgage Capital Company, according to a foreclosure petition filed by U.S. Bank National Association.
The North Grand Mall Partners received a notice of default in August and more notices for the mortgages in September and November, with the petition for foreclosure filed on Dec. 15, 2014.
The mall will go up for sale on June 9 with an approximate judgment of about $32.8 million.
