Swansea Mall Sold for $42 Mil

SWANSEA, MA-The Swansea Mall, an 800,000-sf enclosed regional shopping center here has been sold for approximately $42 million.

The deal was revealed by L.J. Melody & Company, a real estate investment banking firm, which reports that it arranged $37.5 million in acquisition financing for an affiliate of Carlyle Development Group of White Plains, NY. CDC Management Capital Inc. of New York City provided the financing. Abdi Mahamedi, president of Carlyle, tells GlobeSt.com that the total acquisition price for the shopping centerwas approximately $42 million. Anchor tenants include Sears, Macy’s and Wal-Mart.

Geoffrey Rice of L.J. Melody’s New York City office notes that the Swansea Mall, which originally opened in 1974, is currently about 82% leased. The facility is located off I-95 and state Routes 6 and 118 in Bristol County, Mass., nearby the Rhode Island border and the city of Providence.

L.J. Melody is a CB Richard Ellis company and ranks as one of the largest real estate investment firms in the U.S. The firm, headquartered in Houston, has arranged $13 billion in commercial real estate transactions nationwide. Through its limited partnership affiliate, GEMSA Loan Services, LP, the company maintains a loan servicing portfolio of more than 7,000 loans totaling $52 billion.

Carlyle Development Group is an owner of approximately $120 million or 1.8 million sf of retail and office space, predominantly in the Northeast. The company, which has been in operation since 1983, is currently looking to acquire regional malls on the East Coast. Carlyle officials say the company is holding discussions with owners of several retail properties about possible acquisitions, but did not reveal any further details on the negotiations.