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California-based developer offers $12.5M to buy Juneau mall

Wednesday, April 11th 2018, 3:45 am AKDT by Associated Press
Updated:
Wednesday, April 11th 2018, 7:46 am AKDT

JUNEAU, Alaska (AP) - A California-based developer has offered $12.5 million to buy the Nugget Mall in Juneau's Mendenhall Valley. 

KTOO Public Media of Juneau reported Tuesday that Aventine Development Corporation submitted a bid to purchase the 44-year-old mall that's struggled with tenant vacancies and maintenance problems in recent years. 

It's up to a judge in Seattle to approve the sale of the mall, which includes Sportsman's Warehouse, OfficeMax and JOANN Fabrics. That's because the mall is controlled by a court-appointed firm to manage the property on behalf of the heirs of the original owners. 

Resource Transition Consultants - the mall's receiver since late 2015 - said in court filings that five offers between $10 million and $16 million were received over the last three years. 

Efforts to reach Aventine Development Corporation were unsuccessful.

Information from: KTOO-FM, http://www.ktoo.org

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