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It will be at least November before FairOaks Mall goes on the auction block at sheriff’s sale, a Bartholomew County official who schedules those transactions said Thursday.
“We just received a request from Kroger, Gardis & Regas, LLP, the attorney representing Wells Fargo Bank, to cancel the sheriff’s sale that was set for 10 a.m. on Tuesday,” said Randy Clark, the Bartholomew County Sheriff’s Department employee who schedules the property sales.
Clark said the law firm indicated they will ask for a new date soon. He said the next date available from his office probably would be in November.
This is the third time attorneys for lead debtor Wells Fargo Bank have pulled the plug on a scheduled sheriff’s sale of the mall.
The sale was initially set May 14 then was delayed until July 9 and then until Sept. 10.
The 415,000-square-foot retail center is headed to sheriff’s sale because of an unpaid $21.2 million mortgage, according to Bartholomew County legal records.
FairOaks, located at 25th Street east of Central Avenue, has been dealing with nearly two dozen store vacancies and dwindling interest from consumers as shoppers switch loyalties to newer retail centers or buy online.
Shortly before Labor Day, a walk through the mall showed 23 of 55 storefronts empty — or about 42 percent of retail spaces.
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