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News & Press
06

WORCESTER -- At a brief auction Friday morning, the bank bought back the Greendale Mall property for $11,820,000 without hearing any other bids.

There were a handful of qualified bidders in the parking lot of the Greendale Mall at 7 Neponset St. for Friday morning's auction.

The mall was up for auction after the lender filed for foreclosure in April after long reported financial trouble, including a sharp decline in the mall's value. The mall was built in 1987 and comprises a 309,000-square-foot enclosed building sitting over 21 acres.

A representative for the current mortgage holder opened bidding at $11,820,000 and no other bids were offered.

"It's 21 acres, with some good tenants in the middle of a great city," said Mike O'Brien, one of the bidders. O'Brien from Galaxy Development in Auburn said he may still be interested in buying the property if the bank looks to sell, but that the $11.8 million price tag was too high on Friday.

Another bidder, Emad Benyamin of Shrewsbury, said his cap on buying the property would have been $5 million.

"It' a good commercial property and we'd like to bring it back as a mall," Benyamin said.

Benyamin said himself and group of buyers may still be interested in purchasing the property.

Robert Pearce, from the firm of Seyforth and Shaw representing the current mortgage company, said he does not know of any plans to change anything at the mall or sell the property.

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