Calif. firm buys the Mall at Whitney Field, signs up Burlington Coat Factory as a new tenant
Vintage Real Estate, a California company whose retail portfolio includes regional malls, said Thursday that it has bought the Mall at Whitney Field, a shopping complex in Leominster with about 75 stores, for an undisclosed amount.
Vintage Real Estate added that Burlington Coat Factory has signed a lease at the mall for 66,000 square feet of space that was previously occupied by a Circuit City store. The space has been vacant since the Circuit City bankruptcy in 2008, Vintage Real Estate said; the Burlington Coat Factory store is expected to open early in 2014.
The Mall at Whitney Field’s current line-up of anchor tenants includes Macy’s, Sears, J.C. Penney, Market Basket, Toys “R” Us, and Old Navy, said Vintage Real Estate, which added that the mall has about 700,000 square feet of space.
In its press release, Vintage Real Estate noted that the mall was sold in 2007 for $82 million, which inchttp://www.businesswire.com/news/home/20130530006313/enluded the assumption of a $74.5 million loan. The lender foreclosed on the mall in November 2010, with a $72.2 million loan balance, and it was marketed for sale by Eastdil.
Vintage Real Estate said it bought the mall from the loan’s servicer.
In a statement, Vintage Real Estate chairman Fred Sands referenced Burlington Coat Factory’s plan to open a new store at the mall.
“The Mall at Whitney Field remains a dominant retail center in the area,” 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.”Chris Reidy can be reached at firstname.lastname@example.org.