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Crystal Mall Sells for Over $9M

May 18, 2023 | Reprints | Unlock Link | Print

Image courtesy of Google Maps

A troubled mall in Waterford has sold at auction amid a last-minute flurry of bidding.

The Day of New London reports that the property fetched $9.25 million after bidding opened Monday at $2 million. A neighboring former Sears store sold for nearly $4 million at the same time to a buyer who may be “overlapping” with the mall’s new owner, the paper reported citing the properties’ broker Will Suarez, with JLL.

The vintage-1984 mall was bought by Simon Property Group in 2012, but the company later handed back the keys to its lender after defaulting on the $95 million mortgage.