New Owner, Tenant For Leominster Mall
After several years of uncertainty, The Mall at Whitney Field has a new owner and a new tenant, according to the buyer, Los Angeles-based Vintage Real Estate.
Vintage purchased the 700,000 square-foot mall and 75-acre parcel following a sale in 2007 and foreclosure in 2010. Vintage said in a statement it has signed a 10-year lease with Burlington Coat Factory to fill the 66,000 anchor square-foot store left vacant when Circuit City went bankrupt in 2008. Burlington Coat Factory is expected to open at the mall in the first quarter of 2014, according to Vintage, to become one of approximately 70 retailers and restaurants.
Despite foreclosure, when there was a $72.2 million loan balance on the mall property, Roger Burghdorf, Vintage executive vice president, said the mall has done "remarkably well" in a down economy, with "substantial anchor tenants," including J.C. Penney, Market Basket, Toys R Us and Old Navy, and generates average sales per square foot of $355 for non-anchor tenants — which Burghdorf said is above the national average.
Built in 1967 and remodeled in 2001, the mall remains a dominant retail center in the region, Vintage Chairman Fred Sands said.
"Our ability to immediately fill a large and long-vacant space is a testament to the strength of the market and our leasing and management team that is overseeing the property," Sands said.
WBJ Web Partners
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