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Eastland Mall’s new owner says auction process is normal (access required)

By Tara Ramsey An upcoming foreclosure auction involving the main portion of Eastland Mall is not indicative of any problems with its purchase last month by Houston-based Boxer Property Management Corp., according to Boxer President Andrew Segal. Segal said that when Boxer purchased the core of Eastland Mall for $2 million, it also bought the loan note. The only way to extinguish the loan note is to go through the foreclosure process, he said. The foreclosure process is also a method to determine if there are any other claims  on the property, which Segal said he did not anticipate. He also said anyone can show up at the auction and bid on the property. The auction will be held at 11 a.m. July 30 at the Mecklenburg County Courthouse, 832 E. Fourth St., Charlotte.

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