WORCESTER, MA— Finard Properties, a real estate development and management company specializing in retail, office, and hospitality, announced the acquisition of the Greendale Mall, located at 7 Neponset Street, Worcester, MA.
Robert E. Griffin Jr., and his team at Newmark Knight Frank represented the seller in the transaction.
Built in 1987, The Greendale Mall building is comprised of 308,863 square feet found on 21.76 acres at the junction of Interstates 290 and 190. Once well known as a favorite mall for local shoppers, changes in consumer behavior and mall proprietorship have rendered the property fairly vacant. However, the Mall’s location in immediate proximity to downtown Worcester, and its accessibility from thriving Metropolitan Worcester communities, makes the property a prime candidate for redevelopment. Finard Properties envisions a modern and unique, mixed-use destination.
“We’re excited about the opportunity to create an authentic sense of place, meeting the needs of both the immediate neighborhood and Greater Worcester,” stated Todd Finard, CEO of Finard Properties. “We are committed to the City and know that by enhancing the heart of Massachusetts and providing a unique and exciting destination, we can create a place that celebrates the community.”
Finard Properties has partnered with leading architectural and design team, Prellwitz Chilinski Associates (PCA) as well as Bohler Engineering, and is eager to engage with the Worcester community, municipal leaders, and local business owners as they prepare plans to reinvigorate this exciting area as a destination that will provide a multitude of business opportunities.
“Worcester is experiencing tremendous momentum, and we are excited to welcome Finard, a proven developer, as a new partner to the City,” said Tim Murray, President & CEO of the Worcester Regional Chamber of Commerce. “Their vision for the Greendale Mall property will provide a solid anchor to Worcester.”
Tenants that are currently at the property include TJ Maxx/Home Goods, Greendale Furniture, DSW, and Reliant Healthcare. Rob Robledo, Senior Vice President, CBRE is representing the ownership with regards to all leasing opportunities.
This acquisition adds to Finard Properties’ growing portfolio throughout New England, and the United States. Other recent, successful redevelopments include the 9X27 Exchange shopping center in Natick, MA, The Residence Inn by Marriott located at The District Burlington, in Burlington, MA, and Poplar Plaza in Memphis, TN.