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Auction for struggling northeastern Pennsylvania mall concludes with $5.25 million bid

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SCRANTON, Pennsylvania — An auction for a struggling northeastern Pennsylvania mall has concluded with a bid of $5.25 million.

The auction for the Mall at Steamtown was supposed to conclude at 12:30 p.m. Wednesday but was extended by five-minute increments for more than a half-hour as bids rolled in over $2 million.

The identity of the winning bidder may not be known for weeks until the deal officially closes and other terms are met.

The (Scranton) Times-Tribune reports that a sellers reserve on the auction was met when bidding cleared $2 million, leading to increased bidding once interested parties knew that the auction would result in ownership of the Scranton mall.

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