Cranberry Mall gets bids for purchase

Owner of Westminster site has several prospects

April 01, 1999|BY A SUN STAFF WRITER

Several prospective buyers have submitted bids to purchase Cranberry Mall in Westminster, which has been on the market since August, mall spokeswoman Gayle Economos said yesterday.

She declined to disclose the identities of potential owners, but said an announcement could be made "in the next few weeks."

The 525,000-square-foot mall has struggled since Caldor, one of its anchors, closed in May.

Country Roads closed Sunday, and CVS Pharmacy will close Saturday. County Seat is expected to close in the next several months as part of a nationwide liquidation of its stores.

Economos said it was "too preliminary" to say what steps the next mall owner might take to redesign the facility or attract another anchor.

"There's lots of potential," she said.

The mall is owned by Shopco Regional Malls LP, a limited partnership based in New York. Sale of the mall was planned since the group purchased it in 1988 for $53.8 million.

The bidders and mall owners are going through a qualification process to determine if the potential buyers have the funds to back up their bids.

A bid was placed in the fall, Economos said, but the deal fell through because the bidder did not have adequate funds.

Pub Date: 4/01/99

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