The owners of the Greendale Mall are looking for a buyer less than three years after purchasing the mostly empty mall for $11.8 million in 2016.
City Manager Edward Augustus, at the behest of the City Council, said at Tuesday’s meeting that the current holding company, CD 2006-CD3-7 NEPONSET ST LLC, has plans to sell the 300,000-square-foot building.
That business entity is registered to C-III Asset Management, a subsidiary of Irving, Texas-based C-III Capital Partners, which purchased the property via a foreclosure auction in July 2016.
C-III Capital Partners could not immediately be reached for comment.
The mall was built in 1987 and was last assessed in 2018 for $12.8 million.
According to Augustus, the company is looking to find a buyer, but the future of the building as a mall isn’t clear, he said, pointing to the decline of the retail industry.
According to KeyPoint Partners, the Burlington-based property management company for the mall, the mall is anchored by Best Buy and T.J. Maxx, but there is little activity elsewhere.
There are 26 available retail spaces in the mall and only 17 active stores in the building, according to a property flier.
The council asked Augustus for an update on the mall as the city looks for more space to store equipment for the Department of Public Works.
Augustus, commenting on the conversion of some malls to schools or standalone stores, added the mall is within an opportunity zone, which provides tax advantages to prospective investors for a reuse project.
Councilor Candy Mero-Carlson referenced economic activity in the area, including the recently-built Reliant Medical Group building adjacent to the mall.
“We all know the Greendale Mall … is in serious trouble,” Mero-Carlson said.
