The value of Waterford’s struggling Crystal Mall has fallen 88 percent in under a decade and now stands at just $19 million, according to a debt ratings agency.

The 520,000-square-foot enclosed shopping mall owned by Simon Property Group suffered its latest blow in January with the closure of its last major anchor store, Macy’s. Sears vacated its anchor store at the Waterford center in 2018.

Image courtesy of Google Maps

According to debt researchers Trepp, the mall was valued at $153 million as recently as 2012, when an $83.8-million CMBS loan partly backed by the property was issued.

In November, Kroll Bond Rating Agency reported that Simon Property Group plans to turn the property over to its lenders.

Consolidation and closures among mall anchor tenants have disrupted the business model of traditional enclosed malls in recent years amid the e-commerce boom, while the pandemic has disrupted consumer buying behavior.

New England Development was the original developer of the property which opened in 1984 and contained over 100 stores.