Chattanooga's Northgate Mall drew high bid of $11.5 million

Chattanooga's Northgate Mall drew high bid of $11.5 million

September 22nd, 2011 by Staff Report in Business Around the Region

Patrons enter Hixson's Northgate Mall in this file photo.

Photo by Tim Barber/Times Free Press.

Northgate Mall drew a high bid of $11.5 million during an online auction and a sale is expected to close within two weeks.

An official of General Growth Properties, the Chicago-based company that has owned the mall since 2000, declined to say who offered the winning bid.

"Divesting ourselves of this property allows GGP to focus on its core properties in strategic markets across the country," said David Keating, GGP's vice president of corporate communications.

The mall's starting bid was $9 million in the online auction, which began Monday.

Update: CBL buying Chattanooga's Northgate Mall