Waterford ― Ashon Avent, the owner of T-Shirt World in the Crystal Mall, said Sunday he’s not nervous about the mall going to auction.

In fact, he said he was excited by the idea of new opportunities for the 39-year-old, two-level shopping complex.

“When I hear that, that means that there’s fresh opportunity,” Avent, 44, said while printing a batch of shirts. “It doesn’t really scare me at all. It kinda gives me hope that someone else cares enough to want to invest in it.”

Bidding for the 535,500-square-foot building, which sits on more than 82 acres of land on Route 85, is set to start Monday at $2 million, according to an online listing with Crexi, a commercial real estate exchange.

The property up for sale does not include spaces formerly occupied by Macy’s and Sears, one-time mall anchors that departed in 2021 and 2018, respectively.

The five parcels that make up the main mall property have most recently been assessed at $29.3 million, according to data provided by Paige Walton, Waterford’s assessor.

The former Sears location has been assessed at $3.1 million and the former Macy’s space at $2.8 million.

The vacant former Sears location is owned by Seritage Properties and is up for sale in a separate, unpriced listing. The former Macy’s space, also vacant, is owned by CRJ Waterford, which bought it for $4 million in 2021.

There are more than a dozen vacant storefronts across the mall, with a number of stores closed on specific days. According to the Crexi listing, the mall’s occupancy rate is 64%. The only dining options reside in the food court.

Gail Lagace, a shopper from East Haddam, called the current situation sad and a disappointment as it’s the closest mall to where she lives. She said she prefers shopping in person rather than online.

“I like to touch and feel stuff and look at it,” Lagace, 58, said. “Not just order online.”

Lagace said she used to shop for her kids’ birthdays at the mall, but most of her regular stops have since closed. She now mostly buys from JCPenny and The Christmas Tree Shops, the mall’s two remaining anchor stores.

“It’s very sad, but it’s where the times are going, I guess,” she added.

But it’s those openings that Avent called opportunities for himself and other small business owners.

“I think it’s a great opportunity for people to test the waters of what it looks like to have a retail store,” Avent, a Norwich resident, said.

Without storefront openings, Avent would not have been able to move into the mall when his store in downtown Norwich flooded. He said he’s been in the mall for a little over a year and has plans for a long-term lease.

Avent explained that if new owners were to close the mall, they would have to buy out each store from the remainder of its lease as well as for its remaining projected sales for the year, what he called “a significant financial contribution.”

The mall opened in 1984 and was acquired in 2012 by Simon Property Group, which financed the purchase by obtaining a $95 million loan. The loan holder foreclosed on the property last year when Simon and its partners were unable to pay the balance of the loan, which came due. Ownership of the mall reverted to Rialto Capital, an investment management company.

The mall is managed by Spinoso Real Estate Group, based in Syracuse, N.Y.

Avent said he was thankful for the remaining big-box stores in the mall, but also the locally owned businesses like Carnival Craze, This ‘n That, Cohen’s Fashion Optical and City Tobacco. He believes that the small businesses can thrive in an environment with heavy foot traffic and that they are the future for shopping malls.

Donald Brown, the owner of Memories Ink, said business has treated him well since he opened his tattoo shop last August. So good, in fact, he plans on moving to a bigger storefront location across the aisle this summer.

“Its been a blessing,” Brown, 39, said. “We’ve been fortunate.”

Brown shared a similar view to Avent; he’s not worried about the mall closing. Though Sunday, Mother’s Day, was a particularly slow day, Brown said Saturday was so busy he had to stay open late to accommodate everyone.

“We’ve been consistently busy here,” Brown, a New London resident, said. “We’re going to be here.”

Erik Dennett of Pawcatuck said he used to regularly hang out at the mall with his friends in high school. Now the 41-year-old said he barely shops there at all and was only visiting so his son could meet up with his friend.

“I remember when you couldn’t find a spot to park,” he said

Now, Pete’s RV Center and Fluid Trucks, an outfit that rents commercial vehicles, currently has RVs and vans parked in mall parking areas.

But Avent said change can be a good thing and is needed as it leads to growth. He understands the building’s potential for mixed use and hopes to see it become a destination for people.

“Any time you grow is when you change,” Avent said. “Anytime you grow is when you become unconfortable. If we’re all uncomfortable here, then it’s time for us to grow.”

k.arnold@theday.com