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Upset bid kicks off Eastland Mall bidding war: Investor envisions converting site into international mall (access required)

By Tara Ramsey It’s essentially a bidding war between Houston-based Boxer Property and Charlotte real estate investor Dwayne Deese over the heart of Eastland Mall in Charlotte. Deese submitted an upset bid of $2.1 million Aug. 9 during the foreclosure process that Boxer President Andrew Segal said was no more than a housekeeping matter to extinguish the note on the property. The upset bid came during a 10-day period when those types of bids would be accepted by the Mecklenburg County clerk of court’s office. Boxer, or any other bidders, have 10 days beginning Aug. 9 to outdo the upset bid made by Deese. Segal called the upset bid a “nonevent” and said Boxer would submit its own upset bid of $2.3 million to keep control of the property. Deese said Friday that he has not heard of a subsequent upset bid being filed. Boxer closed on the mall at 5471 Central Ave. June 28, according to records at the Mecklenburg County register of deeds office. When he bought the core of the property — four vacant anchor stores were not part of the sale — he also bought the loan note against it.

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