ONTARIO — A LoopNet real estate listing indicates the Richland Mall is for sale at a $3.9 million asking price.
The 2209 Richland Mall listing, which does not include Avita Health System, was posted by real estate brokerage Marcus & Millichap, headquartered in California.
Built in 1968, the property was once home to Lazarus, Sears and Macy’s, which have since closed. JC Penny is the only remaining department store at the mall.
Macy’s closed its Richland Mall location in 2021.
Avita Health System purchased the former Lazarus property to convert into a full service hospital beginning in 2017. Since then, the hospital has expanded an obstetrics unit, pharmacy and medication access program.
Wells Fargo Bank sold the property to a Florida-based LLC in 2018 for $7.4 million, according to the Richland County auditor’s office.
The Richland Mall was ordered to sell in 2014 as a result of a foreclosure action granted to Wells Fargo Bank.
The action began in September 2014 with the United States Bankruptcy Court Eastern Division of the Northern District of Ohio. Judge Patricia A. Gaughan ruled in favor of Wells Fargo against former owners Centro Richland, LLC, according to a 2015 Richland Source article.
The current asking price is $3.9 million for the 19-acre property. The LoopNet listing states 40% of the mall’s space is currently leased. The building is more than 400,000 square feet.