BOSSIER CITY, La. – A mortgage company has foreclosed on a portion of property at Pierre Bossier Mall for defaulting on loan payments of more than $3.3 million.
U.S. Bank National Association filed suit against Pierre Bossier Anchor Acquisition LLC, on Tuesday in Bossier District Court.
The bank wants to seize a 6-acre section of property at the mall that once was occupied by Virginia College. Before that, the building housed Service Merchandise.
The mortgage company wants to see the property at public auction to satisfy the debt. The earliest it could go to sheriff’s sale is this fall, according to the Bossier Sheriff’s Office.
The lawsuit states that the mall borrowed $3.8 million in 2012. Notice of default of payments was given on April 16 and June 7.
Pierre Bossier Mall is a single-level mall with over 600,000 total square feet of retail space. It's anchored by Dillard’s and JC Penney.
Another anchor tenant, Sears, closed last year. Not long after, Virginia College also ended its residency in the mall.