Dallas company buys struggling Mass. mall
TAUNTON, Mass. (AP) — A Massachusetts mall is under new ownership, a sale that tenants and city officials hope breathes new life into the 21-year-old shopping center.
Dallas-based MGHerring Group closed on the $21 million sale of the Silver City Galleria in Taunton last week.
President and CEO Gar Herring says the purchase deal involved two other entities — Contrarian Capital Management LLC of Greenwich, Conn., and Tricom Real Estate Group LLC in Dallas. MGHerring will manage the mall.
The mall has 90 tenants but about 30 vacancies.
Mayor Thomas Hoye Jr. tells the Taunton Daily Gazette (http://bit.ly/14Q9fTS ) he’s “excited” and he hopes new restaurants move into the shopping center. He says annual tax revenue from the mall has dropped from $4.5 million to as low as $1.6 million because of vacancies.
Information from: Taunton (Mass.) Daily Gazette, http://www.tauntongazette.com