The old Mervyn’s building, its parking lot, and an adjacent vacant lot on Country Club Drive in Madera will go up for auction along with portions of 17 other shopping centers across the state at a trustee’s sale on Aug. 30.
According to the notice of trustee’s sale published in The Madera Tribune, the property is owned by DDR MDT MV Madera and several other subsidiaries of Developers Diversified Realty, a commercial real estate company based in Beachwood, Ohio.
The owners are in default for about $179.5 million for the 18 properties listed, including in Madera, Clovis, and several shopping centers in Northern and Southern California. The sale is scheduled to be held in Contra Costa County.
DDR purchased the Madera property and 16 other properties in September 2005. The eighteenth property, in Burbank, was purchased in November 2005...