Foreclosure sale on mall canceled
A sheriff's mortgage foreclosure sale for the troubled Viking Plaza Mall set for Friday has been canceled, the Douglas County Sheriff's Office said Monday, and a document filed in the Douglas County Recorder's Officer shows that the mall's mortgage has changed hands.
Ever since last June, a sheriff's sale of the mall had been repeatedly scheduled and postponed. Triggered by the loss of the mall's two anchor stores, J.C. Penney and Herberger's, the mall's lender sought the sheriff's sale while the mall's owners sought to refinance about $10 million that was still owed.
This is the first time the sheriff's sale has been canceled, rather than postponed, indicating a change in the mall's status.
A document filed in the recorder's office earlier this month showed that the mall's mortgage was transferred to a New York-based company that specializes in turning around distressed properties, according to court records and the company's website.
The company, Somera Road, declined to comment for this story. Its website says it "targets off-market acquisitions previously impaired by some form of distress such as loan defaults, partnership disputes, and bankruptcy."