On the heels of the much-hyped SoNo Collection”™s opening in Norwalk comes word that another mall, Stamford Town Center, is for sale.
“As the retail evolution continues, we are exploring all possible alternatives for the asset, including a sale,” affirmed Maria Mainville, director, strategic communications for Taubman Centers, the real estate investment trust that owns the 853,000-square-foot facility at 100 Greyrock Place. “We expect potential buyers will have a vision for the redevelopment of this important piece of Stamford Downtown.”
Real estate investment banking company Eastdil Secured is representing the property, which sits on 10 acres and is zoned Central City-North, which allows for a variety of uses including office, hotel, and light industrial, as well as rental residential units. Eastdil also noted that the mall sits within an opportunity zone, where new investments can qualify for significant tax credits.
Details on the pricing for Stamford Town Center were not available.
The mall has weathered a number of changes recently, with a host of retailers exiting. Several of those, like Payless and Charlotte Russe, were driven by those chains declaring bankruptcy. Forever 21, which last month filed for Chapter 11, has included its Stamford Town Center location on its list of stores that will close.
And while other stores have recently opened or plan to open at the mall shortly, the outlook for malls remains uncertain. A 2017 Credit Suisse analysis predicted up to 25% of the nation”™s shopping centers, or roughly 275 malls, could shutter by 2022, due mainly to all the store closures.
In July, Coresight Research reported that, year to date, 7,062 stores had shuttered, compared with 5,864 closures for the entirety of 2018. It predicted a total of 12,000 could close by year”™s end.
