University Mall, in foreclosure since 2016, was sold to a partnership formed between an investment company and a real estate company. The sale price for the South Burlington property was not disclosed.
Taconic Capital Advisors, a global investment firm with offices in New York, London and Hong Kong, has partnered with Eastern Real Estate, a privately owned national commercial real estate firm with offices in Boston and Santa Barbara, to purchase the center commercial.
The new owners said in a press release that they were exploring a series of plans to “revitalize” the mall, Vermont’s largest.
South Burlington City Manager Jessie Baker said in a statement that she appreciates the mall’s new owners reaching out to her to ask how the mall can play a role in achieving its goals for the city.
Eastern property director Andrew Hayes will oversee planning, leasing strategy and the “overall positioning of the mall”, while the local management team, led by Heather Tremblay, will retain their role as property manager, according to a press release.
University Mall was subject to foreclosure in 2016 after the value of the 55-acre property on Dorset Street fell from $116.3 million to $51.4 million, raising questions about how the previous owner, Finard Properties of Boston, would repay a $92 million loan on the property. .
Todd Finard, CEO of Finard Properties, said at the time that the 56% drop in the mall’s appraised value would strengthen his case for a total overhaul of the property, turning it into a lifestyle destination. with housing, entertainment and municipal offices. But that never happened.
Target and H&M opened stores in the foreclosed mall in 2018, raising hopes among bondholders who repossessed the mall that it would attract a higher bid than the $44.5 million they had already been offered.
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