Next week, the auction for Enfield Square will begin.
Online marketplace for real estate LoopNet is in charge of the auction. The bids start at just under $4 million for the shopping mall property totaling 677,223 square feet. The auction will be completely online, and potential buyers will go to Ten-X.com to bid.
A Target store owned by a landlord anchors the property, which sits on over five dozen acres of land. LoopNet said in the notes for the sale that the property has great potential for more development, which is a bonus for prospective buyers.
The website lists seven other properties. Some are former Sears and Macy’s locations. The site also lists Enfield Cinemas and Target. With the purchase, buyers also acquire the separate buildings that include a Wendy's and Figaro's Restaurant.
Enfield Square was built in 1971 and was a popular location in the past. However, it has fallen into disrepair as of late. Trends in retail have steered away from malls in favor of online shopping, big box stores like Walmart, and lifestyle centers with an open atmosphere.
LoopNet may have online contracts using digital signatures. However, it can also create physical contracts with its Logo Design and meet the buyer in person to form a better business relationship.
Bidding starts at midnight on Monday, December 10, and ends December 12.
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