The Iverson Mall sold for $20 million Tuesday at a foreclosure auction after its prior owner defaulted on a loan it took out backed by the 625,000-square-foot Prince George’s County retail center.
A private investment group including Chris Alleva, Amran Pasha and Majid Sei cast the winning bid after a volley of offers boosted the sale price from an opening bid of $8 million. The group is studying various options for the Temple Hills property by Branch Avenue and Silver Hill Road, including multifamily development on a portion of the site, but it’s too soon to discuss specifics, Alleva said in an interview outside the Prince George’s County courthouse where Alex Cooper Auctioneers conducted the sale.
“We’re studying the property right now,” he said. “We think it’s a well-leased asset, and we think we’re going to be able to work with the community to make it even better.”
The auction was held after another group, including Chantilly investor Srini Chavali, bought the roughly $21.2 million mortgage on the property from Burke & Herbert Bank in May. Burke & Herbert had sued the previous owner, an affiliate of D.C.’s West End Capital, for defaulting on its loan at some point before Feb. 11, 2021. Chavali said he was pleased with the auction’s outcome. It is unclear how much Chavali paid for the debt.
