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    Saturday, May 25, 2024

    Crystal Mall, former Sears location sold at auction Wednesday

    A visitor walks into the Crystal Mall on Sunday, May 14, 2023. An online listing shows the 39-year-old shopping complex will be auctioned on May 15, 2023. (Sarah Gordon/The Day)
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    Waterford ― The Crystal Mall, and the adjacent former Sears building, were sold separately at an online auction Wednesday afternoon for a combined $13 million.

    The 39-year-old two-story shopping mall on Route 85 sold for more than $9 million at auction after bidding opened Monday at $2 million.

    The 155,906-square-foot former Sears store opened its auction on Monday as well, with bidding starting at $750,000 before it sold for nearly $4 million.

    The new owners of each property are unknown at this time.

    The real estate services company Jones Lang LaSalle was retained as exclusive adviser for the auction of the 535,500-square-foot mall, while commercial real estate company Avison Young handled the sale of the former 10.6-acre Sears location.

    Each building saw slow activity in the first two days of the auctions, before an unknown number of buyers began outbidding each other in the final hours Wednesday afternoon.

    Both auctions were listed and held on Crexi, a commercial real estate exchange.

    Will Suarez, a principal with Avison Young, said Wednesday that he was unable to disclose the identity of the new building owner prior to a final call on Wednesday between the company, the new owner and Crexi.

    Suarez was unable to confirm details about the sale Wednesday, but hinted that the buyer of each property may be “overlapping.”

    Associates from Jones Lang LaSalle could not be immediately reached to comment Wednesday.

    The five parcels that make up the main mall property have most recently been assessed at $29.3 million by the town, while the former Sears location has been assessed at $3.1 million.

    The mall was built in 1984 and acquired in 2012 by Simon Property Group, which used a $95 million loan to finance the purchase. 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 had been managed by Spinoso Real Estate Group, based in Syracuse, N.Y.

    Editor’s note: This version corrects the total amount of the bids for the mall.

    k.arnold@theday.com

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