ELYRIA — The U.S. Bank National Association recently purchased River Street Square, which consists of five shopping center parcels on Midway Boulevard anchored by stores like Best Cuts, BW-3 and Radio Shack, from U.S. Bank.
The association paid a total of $4.6 million for the properties, less than half of their assessed value of $11.95 million, according to the Lorain County Auditor’s Office.
The purchase, which took place in October, was finalized by the auditor’s office Friday.
The dollar amount of the sale surprised County Auditor Craig Snodgrass.
“It is just another example of what we are dealing with in terms of properties in that area of town,” he said. “I can only guess the bank will appeal the value to the Board of Revisions based on this sale.”
The sale included 149 Midway Blvd., which includes the shuttered Walmart store; 209 Midway Blvd., the parcel containing American Dental Centers; 249 Midway Blvd., a smaller parcel that includes a Radio Shack and Game Stop; 279 Midway Blvd., which once housed a Pier 1 Imports and now is Buy Backs; and 285 Midway Blvd., a parcel that begins at the now closed Office Max and goes down past Buffalo Wild Wings.
All were owned by First Interstate Elyria Limited Partnership.
U.S. Bank foreclosed on the properties in May 2012. In the lawsuit, it was said that First Interstate Elyria owned the bank a sum of more than $13.3 million plus interest. The original loan was for $15 million.
Mitchell Schneider, president of First Interstate, previously said he hoped he could work out an agreement with the bank.
The company also owns Avon Commons, Steelyard Commons in Cleveland and Legacy Village in eastern Cuyahoga County, among other retail properties.