Photo | Grant Welker
The Greendale Mall
December 17, 2019
Greendale Mall sold to Boston developer for $7.1M
Photo | Courtesy of Finard Properties
The 22-acre Greendale Mall property sits near the intersection of Worcester's two main highways.
By Thomas Grillo
Nearly one year after the Greendale Mall in Worcester was listed for sale, a Boston real estate development firm paid $7.1 million for the troubled shopping center on Monday.
Finard Properties, who specializes in retail, office, and hotels, said in an announcement Monday the mall’s location at the junction of Interstates 290 and 190 near downtown, makes the property a prime candidate for redevelopment.
Built in 1987, Greendale was once a popular spot for shoppers with nearly four dozen retailers anchored by Best Buy. But changes in consumer behavior, and newer, open-air malls like Lakeway Commons in Shrewsbury, have rendered the property with multiple store vacancies and a facility in need of much repair.
Today, the Greendale Mall website lists 15 stores operating at the 309,000-square-foot property, anchored by TJ Maxx, Greendale Furniture, DSW, and Reliant Medical Group. The City of Worcester has assessed the property at $11.4 million.
In the announcement Monday, Finard said it will create a mixed-use destination on the 22-acre site. Finard Properties has partnered with Prellwitz Chilinski Associates, a Cambridge architect and design team, and Bohler Engineering of Southborough on the project.
No further details were available Monday. Todd Finard, CEO of Finard Properties, was not immediately available for comment.
Finard is committed to enhancing “the heart of Massachusetts and providing a unique and exciting destination, we can create a place that celebrates the community," he said in the press release.
This acquisition adds to Finard's portfolio in New England. Other redevelopments include the 9X27 Exchange shopping center in Natick, and Residence Inn by Marriott in Burlington.
The seller, 7 Neponset Street LLC, a subsidiary of Irving, Texas real estate investment firm C-III Capital Partners, purchased the property at foreclosure auction in 2016 for $11.8 million.
The Texas firm first listed the Greendale Mall for sale in January.
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