Reports: Simon Looking to Sell Atrium Mall
The ailing shopping center is at a 40 percent vacancy rate, reports say.
With a 40 percent vacancy rate that appears to be growing every couple of months, the owners of the Atrium Mall are placing the property on the selling block, the Boston Herald reports today.
According to the Herald article, Simon Property Group has hired Boston-based Eastdil Secured to find a buyer for the 205,000-square-foot mall. This is the second time Eastdil has been hired to sell the property; in 2010 the Atrium was up for sale but the firm was not able to find a buyer offering the right price.
Last week, Boston Business Journal announced that two more stores were closing in the mall including Cratoyivity and Pottery Barn Kids.
Williams-Sonoma, Tiffany's and Borders are among the stores to have already moved out of the Atrium. Boston Business Journal says J. Crew and Ross-Simons are expected to move to the Mall at Chestnut Hill in the spring.
But store closings aren't exclusive to the Atrium Mall; last year, Talbots shut its store in the Mall at Chestnut Hill across Route 9 from the Atrium Mall; The Rugged Bear and Macy's withdrew from the Chestnut Hill Shopping Center.
Both the Mall at Chestnut Hill and the Atrium Mall are properties of Simon Malls.
Chestnut Hill Square is another retail area being developed close by, with a Wegmans scheduled to move into the space, among other shops.