A potential buyer for Alton Square Mall has apparently been found and a sale is pending, according to a representative of the property’s current owners. The mall is currently owned by NorthMarq Capitol, which took control of the property after Coyote Management defaulted on a multi-million dollar loan in 2010.
Previous owner Coyote Management purchased the property in 2007, reportedly taking out a loan for $26.2 million for the property and improvements. A representative of NorthMarq Capitol spoke to the Alton City Council Committee of the Whole in April to outline what the company has done, the challenges facing the property, and the possibilities for the shopping center. Coyote defaulted on its loan in 2010. The lower level of the mall will be 95-percent occupied by this summer with the opening of Ross Dress for Less planned for July, and Hibbett Sports which just opened earlier this year.