Silver City Galleria

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 and towns in the region including: Taunton, Brockton, New Bedford, Fall River, Raynham, Assonet, Bridgewater, and Acushnet

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 July 2013, the mall was bought out by the MGHerring group and Tricom real estate group. In April 2014, it was announced that the mall was to undergo several renovations, thus managing to get out of the likehood of foreclosure. In January 2015, it was announced the JCPenney store was closing as part of a plan to close 39 underperforming stores nationwide. In May 2015 it was announced that a new tenant named Round 1 was to be placed in the spot formally occupied by Steve and Barry's and Lechmere. Also, it was said that the Regal Cinemas was to be upgraded with a Restaurant and bar as well with recliner chairs and a new entrance. Both Round 1 and Regal Cinemas should arrive and be completed by December 2015. [11]

Anchor Stores

Current Anchors

Former Anchors

References

  1. 1 2 "Silver City Galleria". General Growth Properties. Retrieved 2011-03-16.
  2. ↑ 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: |archive-date= (help)
  3. ↑ "Silver City Galleria; Taunton, Massachusetts". Labelscar. August 19, 2006.
  4. ↑ "GGP, teachers’ pension fund buy centers" (PDF). Shopping Centers Today: SCT Xtra (International Council of Shopping Centers) 7 (33). September 2, 2002.
  5. ↑ "General Growth Announces Acquisitions and $634 Million Joint Venture" (PDF) (Press release). General Growth Properties. August 26, 2002. Archived from the original (PDF) on date unknown. Check date values in: |archive-date= (help)
  6. 1 2 Craig M. Douglas (June 18, 2010). "All is not golden at Silver City Mall". Boston Business Journal.
  7. ↑ Charles Winokoor (2011-01-20). "Old Navy pulls out of Taunton". OJournal (Gatehouse Media).
  8. ↑ Craig M. Douglas (February 11, 2011). "Silver City Galleria owners considering options to sell". Boston Business Journal.
  9. ↑ Craig M. Douglas (March 10, 2011). "Silver City mall debt is top concern in soured CMBS portfolio". Boston Business Journal.
  10. ↑ Silver City Galleria mall sale hits rocks, foreclosure expected Craig M. Douglas, Boston Business Journal, September 27, 2011
  11. ↑ Strauss, Gary (January 8, 2015). "J.C. Penney, Macy's to shut stores, lay off scores". USA Today (Gannett). Retrieved January 9, 2015.

External links

Coordinates: 41°51′50″N 71°03′07″W / 41.864°N 71.052°W / 41.864; -71.052

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