posted on May 18, 2016 07:13
By Lindsay Corcoran | email@example.com
WORCESTER -- Worcester's Greendale Mall is set to be put up on the auction block next month as a lender foreclosed on the mall's loan.
Daniel P. McLaughlin & Co. Auctioneers lists the 7 Neponset St. property as up for auction late next month.
The auction is scheduled for May 26 at 11 a.m. at the mall property.
Financial trouble at Worcester's mall was reported late last fall. At the time, the Worcester Business Journal said the $45 million loan defaulted. The mall was only 80 percent occupied.
In February, the business journal reported the value of the mall had plummeted by 77 percent.
The mall was built in 1987 and comprises a total of 309,000 square-feet with 1,514 parking spaces outside.
The Greendale Mall was owned by Simon Property Group, but is no longer listed on the company's roster of properties. Simon did not immediately return a call for comment.
Simon also owns the Auburn Mall and the Solomon Pond Mall in Marlborough.