NY mall operator closes on acquisition of Shoppes at Buckland Hills
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The Shoppes at Buckland Hills in Manchester.
A New York-based outfit has acquired The Shoppes at Buckland Hills mall in Manchester, which has been shedding tenants and in foreclosure since 2021.
Namdar Realty Group bought the sprawling 1.3-million-square-foot indoor shopping center for $25.8 million, according to a land record recorded by the town on March 27.
The sale includes about half of the 115 acres that comprise the Buckland Hills mall property. Separately owned outparcels include a hotel and several restaurants.
Namdar owns four other malls in Connecticut: Meriden Mall, Enfield Square Mall, Crystal Mall in Waterford and Trumbull Mall. It bought the Buckland Hills mall under the name Buckland Nassim LLC.
The Buckland Hills mall went into foreclosure on June 24, 2021, after its owners fell behind on payments to Wells Fargo Bank, the holder of its $130 million mortgage.
In January, Namdar agreed to purchase the ailing mall for $25.8 million following an auction, according to federal court records.
The mall, which opened in 1990, has been in a court-ordered receivership, managed by Spinoso Real Estate Group in Syracuse, New York.
The mall’s previous owner, Chicago-based Shoppes at Buckland Hills LLC, stopped making monthly debt payments to its mortgage holder in May 2020, court documents state.
The foreclosure came amid the pandemic, which caused people to stay home and avoid crowds, exacerbating longer-term struggles faced by U.S. malls as customers have shifted to online shopping.
Namdar, which owns and operates retail properties throughout the United States, is publicly traded on the Tel Aviv Stock Exchange. It was founded in 1999 and owns 376 properties in 37 states.
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