Lender takes Cleveland mall

Lender takes Cleveland mall

July 20th, 2010 by Staff Report in Business Around the Region

CLEVELAND, Tenn. - Bradley Square Mall was purchased back by its lender for $3.6 million at a foreclosure auction on the steps of the Bradley County Courthouse on Monday.

Attorney Joe Prochaska of the firm Prochaska Thompson Quinn & Ferraro in Nashville, who presided over the bidding, said business at the mall will continue as usual. The lender's name wasn't immediately available.

"The bank is stuck with this asset that they're going to want to get rid of, but they just don't want to give it away," Cleveland broker Garry Rodgers said about the transaction.