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Cushman & Wakefield will market the 87-acre Eastfield Mall in Springfield as a redevelopment opportunity.
Owners Mountain Development Corp. hired the brokerage to offer a joint venture opportunity at the property, which includes a nearly 777,000-square-foot enclosed mall that’s currently 75 percent leased. Tenants include Cinemark, Old Navy, Hannoush Jewelers, Ninety-Nine Restaurant & Pub and Donovan’s Irish Pub, and a 254,446-square-foot Sears property on 25 acres which is held under separate ownership.
Flexible zoning enables the property to be redeveloped as a mixed-use project including housing. Cushman & Wakefield’s investment sales team in Boston and retail specialists in New Jersey are leading the assignment.
Conversion of enclosed shopping malls into mixed-use properties continues throughout Massachusetts.
PECO Real Estate Properties is proposing a partial demolition of the 750,000-square-foot Hanover Mall to make way for a 620,000-square-foot open-air retail plaza and 300 apartments.
South Carolina-based developer Edens has proposed redevelopment of the 23-acre Woburn Mall property, including new freestanding retail buildings and approximately 400 apartments.
And Simon Property Group plans to redevelop 190,000 square feet of former Sears and Sears Auto space at the Burlington Mall into retail and restaurant space.
