Sierra Vista Mall, the regional shopping center in Clovis that has struggled to fill its retail spaces, was sold in a public auction Tuesday for $39 million.
The buyer was identified in a trustee’s deed, filed at the Fresno County Recorder’s Office on Wednesday, as COMM 2006-C8 Shaw Avenue Clovis, a Delaware limited liability company.
Few details are known about the mall’s foreclosure, but a notice of trustee’s sale filed last July shows that the center, owned by LandValue 77, was in default on a deed of trust for nearly $88 million.
Representatives of LandValue, a local investment group, said they planned to issue a statement Friday, but hadn’t released anything by close of business.
The 78-acre shopping center was built in 1988 by The Hahn Co. In 1995, a division of banking giant Citicorp acquired the mall in a default sale. LandValue bought the center in 2002.
The new owners added a 110,000-square-foot outdoor lifestyle section to the mall in 2006. It has four anchors and more than 85 retail and restaurant spaces and a theater, Sierra Vista Cinema 16. Then the economy stalled and the center suffered its first blow.
Mervyns filed for bankruptcy and closed its store. Then Gottschalks followed suit, leaving the center with two gaping holes and little foot traffic inside where businesses have also come and gone.
But the mall had a rebirth of sorts when Kohl’s filled the Mervyns space in 2010. And last year, MB2 Raceway, an indoor go-kart racetrack, opened in 60,000 square feet of the former Gottschalks department store on the east end of the mall.