Silver City Galleria
| Location | Taunton, Massachusetts, USA |
|---|---|
| Address | 2 Galleria Mall Drive |
| Opening date | April 7, 1992 |
| Developer | The Pyramid Companies |
| Management | Cushman & Wakefield |
| Owner | Cushman & Wakefield |
| No. of stores and services | 120[1] |
| No. of anchor tenants | 6 |
| Total retail floor area | 1,030,000 square feet (96,000 m2)[1] |
| No. of floors | 2 |
| Parking | 4,900 parking spaces |
| Website | www.silvercitygalleria.com |
The Silver City Galleria is an enclosed, two-level, super-regional mall located off Route 24 and Route 140 in Taunton, Massachusetts. It covers a leasable area of over 1 million sq ft, and serves multiple cities in the region including: Taunton, Brockton, New Bedford, and Fall River.
The mall's facilities include 120 retail stores, a 10-screen cinema, a food court, a center court, and a children's play area. Security is managed by IPC International, and facilities services are managed by UGL Limited's Unicco.
History
The Silver City Galleria opened on April 7, 1992. It was planned and developed by The Pyramid Companies, around the same time that several other malls in the region - Independence Mall and Berkshire Mall - were being built. When it first opened, Silver City was seemingly situated in the middle of nowhere; the surrounding area was a forest, with little to no other developments.[2] However, its strategic location at the intersection of two major freeways allowed it to draw traffic from cities in all directions. The modern mall quickly became a popular shopping destination in the southeastern Massachusetts area, bringing fatal competition to many smaller local malls such as the now-defunct Mill River Place.[3]
In 2002, Silver City Galleria was purchased in a joint venture between General Growth Properties and the Teachers' Retirement System of the State of Illinois, in a $634 million deal that involved 3 other malls.[4][5]
Recession
Since the recession in 2008, Silver City Galleria has seen a sharp decline in both its traffic and finances. Many retailers have closed their stores without replacements; in March 2010, it reached an estimated 75 percent occupancy rate - very low by industry standards.[6] Some of the more notable national brands that have left include: Old Navy, Steve & Barry's, Max Rave and Pacsun.[7]
The exodus of tenants has only amplified the financing troubles plaguing the mall. Officially, the mortgage on the mall - which is serviced by Midland Loan Services - has been in default since November 2009. As of January 2011, the mall's outstanding mortgage remains at approximately $125 million. The owners are currently looking at all options for the mall, from selling the property to receivership. According to the Boston Business Journal, the parties involved are trying to avoid foreclosure, which is "considered a last resort for lenders and CMBS investors in such properties".[6][8][9] In September 2011 negotiations to sell the mall fell through, increasing the likelihood of foreclosure.[10]
In mid-November, 2011, the Galleria was bought out by Midland Loan Services and subsequently no longer under ownership of General Growth Properties. In early December 2011, the Silver City Galleria's Management was taken over by Cushman & Wakefield Commercial Real Estate Management.
In April 2014, the mall was bought out by the MGHerring group and Tricom real estate group. As a result, the mall has begun to under go several renovations, thus managing to get out of the likelihood of foreclosure. In January 2015, it was announced the JCPenney store was closing as part of a plan to close 39 underperforming stores nationwide.[11]
Anchor Stores
Current Anchors
- Best Buy
- Dick's Sporting Goods (60,000 sq ft.)
- JCPenney (146,000 sq ft., closing 2015)
- Macy's (150,000 sq ft.)
- Regal Cinemas (26,692 sq ft.?, 10 screens)
- Sears (110,000 sq ft.)
Former Anchors
- Tuesday Morning (26,974 sq ft.)
- Old Navy (26,692 sq ft.)
- Bradlees and Lechmere (Lechmere closed in 1997 and Bradlees in 2001. Now Dick's Sporting Goods)
- Filene's Basement (Located in a small basement section of the mall; later became Tuesday Morning)
- Filene's (Converted to Macy's in 2006)
- TJ Maxx (Space now occupied by Best Buy)
References
- ↑ 1.0 1.1 "Silver City Galleria". General Growth Properties. Retrieved 2011-03-16.
- ↑ Witt, Louise (October 7, 1991). "Mall builder drops anchor in Taunton". Boston Business Journal. Archived from the original on date unknown. Check date values in:
|archivedate=(help) - ↑ "Silver City Galleria; Taunton, Massachusetts". Labelscar. August 19, 2006.
- ↑ "GGP, teachers’ pension fund buy centers" (PDF). Shopping Centers Today: SCT Xtra (International Council of Shopping Centers) 7 (33). September 2, 2002.
- ↑ "General Growth Announces Acquisitions and $634 Million Joint Venture" (PDF) (Press release). General Growth Properties. August 26, 2002. Archived from the original on date unknown. Check date values in:
|archivedate=(help) - ↑ 6.0 6.1 Craig M. Douglas (June 18, 2010). "All is not golden at Silver City Mall". Boston Business Journal.
- ↑ Charles Winokoor (2011-01-20). "Old Navy pulls out of Taunton". OJournal (Gatehouse Media).
- ↑ Craig M. Douglas (February 11, 2011). "Silver City Galleria owners considering options to sell". Boston Business Journal.
- ↑ Craig M. Douglas (March 10, 2011). "Silver City mall debt is top concern in soured CMBS portfolio". Boston Business Journal.
- ↑ Silver City Galleria mall sale hits rocks, foreclosure expected Craig M. Douglas, Boston Business Journal, September 27, 2011
- ↑ Strauss, Gary (January 8, 2015). "J.C. Penney, Macy's to shut stores, lay off scores". USA Today (Gannett). Retrieved January 9, 2015.