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Swansea Mall to go up for auction online

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The Swansea Mall is going up for auction.

Town of Swansea Selectmen Christopher Carreiro issued the following statement:

Carlyle Development Group (“Carlyle”), the owners of the Swansea Mall, will be conducting an online auction from April 15, 2019 to April 17, 2019 for the Swansea Mall property with a starting bid of $1.4 million. Although, this is not my preferred method of Carlyle transferring ownership of the property, it may be beneficial to garner nationwide interest from commercial real estate investors. I still firmly believe that it is critically important that the Town of Swansea continue on its path of establishing a Redevelopment Authority and developing an Urban Renewal Plan to actively participant in the comprehensive redevelopment of the Swansea Mall, as taking such action will enable the Town of Swansea to be in the driver’s seat of redevelopment efforts.

The Town of Swansea is committed to working with prospective buyers of the Swansea Mall for the purposes of developing a comprehensive redevelopment plan and strategy to ensure that the highest and best use of this highly desirable real estate is realized.

Town Leaders are open to a multifaceted approach to redevelopment, including but not limited to the potential of overlay districts or rezoning of the Swansea Mall property to better position the mall for redevelopment.

Recently, the Southeastern Planning and Economic Development District awarded the Town of Swansea a significant grant to assist the Town in its redevelopment efforts in connection with the Swansea Mall.

Walmart, as an abutter, has provided assurances to the Town of Swansea that their organization will work collaboratively with prospective buyers, who seek approvals and assistance with their respective redevelopment concepts. Walmart has also indicated that it shares in the Town of Swansea’s strong desire to see the Swansea Mall either brought back to life, or responsibily redeveloped and looks forward to continuing discussions regarding these redevelopment efforts. Walmart believes that the over-all sentiment of Swansea Town Leaders is to prioritize economic development of the Swansea Mall property, and it agrees with this approach.

Carlyle has contracted with Ten-X Commercial, a leading end-to-end transaction platform for commercial real estate that powers more than 90% of all online CRE sales. Our platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X Commercial is headquartered in Irvine and Silicon Valley, Calif., with offices in key markets nationwide. Investors in the company include Thomas H. Lee Partners, L.P., CapitalG (formerly Google Capital) and Stone Point Capital. For auction details go to: https://www.ten-x.com/commercial/listing/262-swansea-mall-dr-swansea-ma-02777/1000009805/?fbclid=IwAR2jv-FpEYch1lVoZMbGwC7srKfF538E6KEils8K91nOvEabNuIKO5SNwv0

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