WAUSAU — An undisclosed bidder will pay $12.8 million for Wausau Center mall after a sheriff auction Tuesday morning.
An attorney representing an unknown entity was the sole bidder on the property, sheriff’s officials said. A confirmation of sale hearing is set for Aug. 14 at the Marathon County Courthouse, where the bidder will be required to pay the full bidding price before taking ownership of the property, court records show.
The closing price is significantly lower than the $18 million owed by Tennessee-based CBL Associates, which turned the property over to the bank and walked away from the property. Wausau Center, which opened in 1983, has been struggling in the wake of two anchor store closures.
When CBL defaulted on the loan, Rialto Capital Management of Miami hired Mid-America Real Estate Group of Milwaukee to take over the mall.
When news of the foreclosure broke, Economic Development Director Chris Schock told reporters at multiple news outlets that the sheriff sale was just another step in the foreclosure process and a way for Rialto to take full ownership of the mall. As of Tuesday morning, it is unclear whether Rialto will be the new owner or whether the sale will impact plans for a 10-screen movie theater in the former Sears space.