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Second auction approved for Market Square

Winning bidder backed out of deal in October

Updated: Tuesday, 11 Dec 2012, 9:07 AM EST
Published : Monday, 10 Dec 2012, 11:51 PM EST

LAFAYETTE, Ind. (WLFI) - A second auction will be held to sell a shopping center in Lafayette.

SSC Operating, owned by Marc Muinzer and Matthew Garrison, had purchased Market Square shopping center at its first auction in October. Later that month, they announced they wanted to back out of the deal and canceled a $100,000 cashier's check in "earnest money."

At a status hearing Monday afternoon, Tippecanoe County Judge Don Daniel said on Friday he approved a second sale. A date for the new auction has not been set.

As News 18 previously reported, the shopping center went up for auction in early September after the former owner, Midwest Commercial Investments, defaulted on its mortgage several years ago.

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