Shoppers at the Westgate Mall won’t notice a difference even though the mall is now in foreclosure and will be auctioned off next month, city officials said. The shopping center is slated to be sold to the highest bidder on Nov. 18 after it was recently foreclosed by Bank of America, according to a legal notice.
Shoppers at the Westgate Mall won’t notice a difference even though the mall is now in foreclosure and will be auctioned off next month, city officials said.
“It will not affect the operation of the mall,” Mayor James E. Harrington said on Monday.
The shopping center will be sold to the highest bidder on Nov. 18 after it was recently foreclosed by Bank of America, according to a legal notice.
The mall owner, Australia-based Babcock & Brown, went into bankruptcy earlier this year. The mall has been foreclosed for “breach of conditions” of the mortgage, according to the legal notice.
A Bank of America spokesman said details were not immediately available on the reason for the foreclosure.
The 532,135-square-foot enclosed mall on Westgate Drive is a retail hub for the Brockton area, boasting stores including Macy’s, Sears, Marshalls, Old Navy and Best Buy.
The mall previously sold for nearly $60 million in 2004.
Mall general manager Luciano Villani didn’t return messages Monday about the impact of the economic recession on mall revenues. The mall’s space is 94 percent leased, according to the auction Web site, www.westgatemallauction.com.
The auction of the 49-acre mall — coming just prior to the start of the holiday shopping season — is scheduled to take place at 11 a.m. in a parking lot next to Modell’s sporting goods.
Ward 7 City Councilor Chris MacMillan, whose ward includes the mall, said he sees no reason that the foreclosure would cause the mall to close for any period of time, since any owner would want to keep revenues coming in.
“I think it’s going to be status quo,” he said.
MacMillan said he views the situation as a chance for the city to get a better-heeled investor, who’s interested in further developing the mall.
“I’m hoping we get someone who’s going to come in there and really do some work with it, maybe get the movie theater back on track,” MacMillan said.
He was referring to a planned 12-screen movie theater that was originally set to start construction at the mall last spring, but has stalled.
The project, first proposed by Dedham-based National Amusements, could perhaps be revived through an investment by a new owner, MacMillan said.
Babcock & Brown had bought the mall in 2007 as part its purchase of the assets of Gregory Greenfield and Associates Ltd. of Atlanta. That company had bought the mall for $58.5 million in 2004.
Kyle Alspach can be reached at firstname.lastname@example.org.