Local News

New York-based realty company takes control of Shenango Valley Mall

A judgment for about $3.4 million in debt was awarded to Iowa Square Realty, LLC

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.

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