The Hampshire Mall, located in Hadley, Massachusetts, is scheduled for auction on June 20 due to financial struggles. According to Boston Business Journal, the mall spans over 470,000 square feet and is owned by Pyramid Management Group. It houses popular tenants such as JCPenney, Dick’s Sporting Goods,Cinemark Theaters and Planet Fitness.
Foreclosure proceedings have been initiated by mortgage holders due to the declining value of the mall which is currently assessed at $19.2 million – almost half of its value in 2009. The property covers an area of 46 acres with a leasable space of approximately 342,600 square feet.
This trend has been observed among older malls facing financial difficulties as seen with Dartmouth Mall defaulting on a loan and Pyramid selling Kingston Collection for only $9 million – significantly lower than its original value of $181 million back in 2006.
