Crystal Mall in Waterford was sold at an online auction earlier this week, according to a listing. The two-story shopping complex in southeastern Connecticut is under contract to an unknown buyer.
Jones Lang LaSalle (JLL) is named as the advisor for the sale of Crystal Mall. A spokesperson for the company declined to comment on the sale. The property is listed as "sold subject to seller approval" on Crexi, a commercial real estate exchange.
Crystal Mall opened in 1984 and was once a major shopping complex in southeastern Connecticut. The mall now has an occupancy rate of approximately 64%, according to the online listing.
"It was the hot building in town. People gravitated to it from New London and from surrounding communities," said Tony Sheridan, who leads the Chamber of Commerce of Eastern CT.
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Sheridan said he watched the auction closely.
"It is a valuable piece of property. It is right at the junction of 95 and 395, two very heavily traveled highways, so it has value," said Sheridan, adding that he is hopeful to see what the next chapter brings. "There are several potential spinoffs, but it is going to take some creativity and people thinking out of the box. There are a lot of good ideas floating around and I think there is a future for the mall."
The small businesses located inside the mall agree with Sheridan and are eager to see what the new owners have planned.
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"I think it is great that somebody else has interest," said Ashon Avent, owner of T-Shirt World. Avent moved his small business to the Crystal Mall about a year ago. "I think there is going to be some new opportunity."
Eric Meyer opened his small business, Ice Imports, in Crystal Mall 18 years ago.
“It was busy. It was exciting," said Meyer.
Meyer said, with news of a new buyer, that the future is bright.
“Who is my new landlord? Ultimately that is going to dictate what happens, but I strongly suspect that they are just going to fill the mall back up and run it right with a new playbook that is updated for the times now," said Meyer.
The former Sears building, also located at 850 Hartford Turnpike in Waterford, was sold at auction as well. It is not yet clear who the buyer is.
