Neiman Marcus sells Natick Mall unit to retail redeveloper
Photo | Grant Welker
The Natick Mall location of Neiman Marcus was sold to Bulfinch.
Department store Neiman Marcus sold its 94,000-square-foot unit at the Natick Mall for $12.6 million to Boston real estate firm The Bulfinch Cos., according to real estate database CoStar.
Bulfinch has a history of mall redevelopment. In 2012, it transformed the Atrium Mall in Chestnut Hill into an office and medical center, which now includes a wing of the Dana-Farber Cancer Institute.
It is partnering with Chicago investment management firm Harrison Street Real Estate Capital, LLC to acquire and develop the property, according to a Dec. 17 press release from Bulfinch.
“Bulfinch is excited to partner with Harrison Street and Brookfield Properties as we reposition this irreplaceable property to meet current market requirements,” Eric Schlager, CEO of Bulfinch, said in a statement.
A spokesperson from the company said they are not yet able to disclose the future plans for the property.
Neiman Marcus, which is based in Dallas, filed for bankruptcy in May 2020. It will continue operating at the Natick Mall through September, according to Bulfinch’s press release.
While the majority of the mall is owned by New York-based Brookfield Properties, Neiman Marcus owned the two-story unit it was occupying.
Bulfinch’s acquisition follows a trend of large retailers leaving the mall or being converted into different uses. Over the past few years, the Natick Mall has lost retailers Lord & Taylor, American Girl, Gymboree, and Brookstone. A former JCPenny at the mall was converted into a Wegmans grocery store and part of the former Sears is now a Dave & Buster’s entertainment zone.
The sale of 310 Speen St. closed Dec. 20 and was brokered by Atlantic Retail of Needham. The building is assessed by the Town of Natick at $10.7 million.
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