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Auction of UA Northpark 14 building hits a snag

By JACK WEATHERLY

An auction of the UA Northpark 14 movie theater building last Thursday failed to draw a bid, but the owner of the property said interest was shown in the 36,000-square-foot building on the Ring Road north of Northpark Mall.

William McGuire of United Development Co. of Southlake, Texas, said Monday a glitch interfered with the attempt to sell the building.

The “auctioneer prematurely shut down” the auction, McGuire said.

“At least two” potential buyers expressed interest in the building after the auction, which was held on the site and online.

An effort to contact the auctioneer, Williams and Williams, for this article was unsuccessful.

A representative of the auctioneer, Williams and Williams of Tulsa, Okla., who was at the theater for the 4 p.m. auction said there were no bids at the site or online. A flyer for the auction states that bids would be taken “on location or live online at auctionnetwork.com.”

McGuire declined to identify the interested parties, but said that the owner of the Northpark Mall has first right of refusal on the property, which lies north of the mall on the Ring Road.

That was part of the deal in which the mall owner, Pacific Retail Capital Partners of El Segundo, Calif., bought the 958,000-square-foot center two years ago for an undisclosed amount.

Pacific bought the mall from Simon Property Group of Indianapolis, Ind., the nation’s largest retail property owner. Simon Property opened the mall in 1984.

Pacific Retail is currently underway in the first phase of a multimillion-dollar renovation of the property.

McGuire said that the mall was near foreclosure when it was sold.

A call into Pacific Retail Tuesday confirmed the company does have first right of refusal.

Regal Entertainment Group notified the movie house’s owner, United Development Co. Global in early 2016 that it was not renewing the lease.

But it did. Regal is still operating the theater. An earlier version of this article misstated that the movie house is the only one in Jackson. The building is in Ridgeland.

There are no movie houses in Jackson.

Speed Commercial Realty listed the property until United Development decided to go the auction route.

United Development bought the property in 2015 as part of a portfolio of properties, but decided it was not a good fit.

The opening bid last week was set at $250,000, McGuire said.

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About Jack Weatherly

2 comments

  1. Matthew Holmes

    “Regal is still operating the theater, which is the only movie house in Jackson.”

    Incorrect. The theater and mall are both in Ridgeland, on the other side of County Line Road. There is no theater in Jackson.

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