T
he auction of the Mall at Steamtown concluded at $5.25 million.
The auction was supposed to conclude at 12:30 p.m. today, but as bids rolled over $2 million, the auction was extended by five-minute increments until just after 1 p.m.
After lingering around $1 million for two days, bidding jumped above $3 million around 12:45 p.m. Fifteen minutes later, the auction was at finalized at $5.25 million.
Other details about the auction, including the identity of the winning bidders may not be known for weeks after the deal officially closes and other terms are met.
A seller’s reserve on the auction was met when bidding crested $2 million around noon, leading to a rally of bidding once interested parties knew the auction would result in ownership of the mall.
