MONTGOMERY, AL (WSFA) - Sold! A major shopping center in the city of Prattville went on the auction block on the steps of the Elmore County Courthouse Thursday. The event lasted just 10 minutes, but didn't end like many would expect.
The financially struggling High Point shopping center, which hasn't filled most of its rental space since opening in 2007, went for $33.8 million to the highest bidder Thursday.
High Point II defaulted on the mortgage, and the property fell into foreclosure. That prompted Thursday's auction. The city of Prattville has invested more than $15 million in the property.
The foreclosure auction saw approximately one dozen bidders for the property, but the event was a formality of sorts. No one but the lien-holder, Prattville, A-L Syndicated Ownings, LLC put a bid down on the property.
The property was offered in parcels, according to Prattville mayor Bill Gillespie, but the lien holder chose to purchase the entire property.
Mayor Gillespie is hopeful to find a good developer to market the property. He says the former company offered little to no marketing – and sees great potential for the area if aggressively marketed.
There's no word on potential developers/buyers or if the store fronts will be rented or sold to potential businesses.