Buckland Hills mall hits auction block
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The Shoppes at Buckland Hills in Manchester.
The Shoppes at Buckland Hills in Manchester, a roughly 1.3-million-square-foot indoor shopping center that opened in 1990, is up for auction.
The mall has been in foreclosure since June 24, 2021, after its owners fell behind on payments to Wells Fargo Bank, the holder of its $130 million mortgage.
The mall, which opened in 1990, is in court-ordered receivership and is being managed by Spinoso Real Estate Group.
Real estate broker JLL has listed the 60.8-acre mall-owned property on its website, but has not publicly stated a starting price or auction date.
“As exclusive agent, JLL is presenting The Shoppes at Buckland Hills to select investors registered via a confidentiality agreement,” the listing states. “The property is being offered on an ‘as-is’ basis and the marketing process will be governed by a date certain bid process.”
The town’s most recent appraisal of the mall property at 194 Buckland Hills Drive is $95.92 million.
According to the listing, the mall is 79% occupied. It consists of anchor stores Macy’s, JCPenney, Macy’s Men’s & Home and a vacant 80,000-square-foot anchor space.
The mall has $4.8 million annual visitors and generates $85.6 million in sales, according to the listing. Its gross revenue is about $11.9 million.
The entire mall area, which spans 114 acres, has a number of spaces that are owned by separate entities, called “outparcels.” They include Fairfield Inn & Suites, Dave & Busters, Longhorn Steakhouse, Red Robin and Market Grill.
The listing says the mall is located in a “dynamic location” and “significant update potential,” along with “long-term positive sales trends” and “outparcel monetization opportunity.”
Buckland Hills is in a prime location near Interstates 84 and 91, and has been studied by the town for potential redevelopment.
Buckland Hills lost key anchor tenants in recent years such as Sears, which occupied about 145,800 square feet of space, and Dick’s Sporting Goods, which relocated in 2021 to a nearby retail plaza in Manchester.
The mall was previously owned by now-defunct General Growth Properties, which was acquired by Brookfield Property Partners in a $9.25 billion deal in 2018.
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