HERMITAGE, Pa. (WKBN) - The company holding the bulk of debt for the Shenango Valley Mall took control of the property at a sheriff's sale on Tuesday.
A judgment for about $3.4 million in debt has been awarded in favor of New York-based Iowa Square Realty, LLC. It now holds the lease for the mall after purchasing it at a sheriff's sale on Monday with a $50,000 bid.
The future of the property is still uncertain.
Two main anchors -- Sears and Macy's -- closed their stores there last year.
The owner of the mall defaulted on a loan, and the lender foreclosed.
Store owners have been told a new management company is coming in to operate the property.