Enfield Square Getting New Management Firm

The owners of the troubled Enfield Square mall have hired KeyPoint Partners, LLC, to manage the retail center and town officials are hoping the move can help counter a national trend away from traditional mall stores.

“Enfield Square is a prime location in a vibrant retail market,” said Robert Lemons, vice president of the Massachusetts-based commercial real estate management firm. Lemons said that, with Target and Rave Cinemas Enfield 12 as the mall’s anchors, Enfield Square “provides an excellent remerchandising or redevelopment opportunity.”

J.P. Morgan Chase took over the mall in February 2016 after Centro Enfield, LLC, defaulted on a $240 million loan dating to 2006. The mall also lost one of its long-time anchors in 2016 when Macy’s closed operations there.

Mike Ciriello, Enfield’s director of development services, said it isn’t clear if the hiring of a new management and leasing firm for Enfield Square is designed to prepare the mall for eventual sale. “That’s the question we have,” he said.

Enfield Square is a 787,000 square foot facility on Elm Street with easy access to I-91. J.P. Morgan Chase officials authorized $1.2 million in interior and exterior improvements to the mall in 2016.

But competition from much larger malls in Holyoke and Manchester has added to Enfield Square’s problems in an era of online shopping when brick-and-mortar retail malls across the country are running into difficulty.

Ciriello said his understanding is that the retail spaces in the mall “on paper are mostly leased.” He said that, while the mall may not be running a profit, “it’s not as bad off as some people fear.”

KeyPoint Partners bills itself as “the region’s premier commercial real estate services firm.”

The firm announced that it had been chosen to manage Enfield Square in a news release, but a KeyPoint spokesman declined to comment on future plans for the mall.

“We’re enthusiastic about what they bring to the table,” Ciriello said of KeyPoint Partners.

Subscribe and listen to the Capitol Watch Podcast

iTunes | Soundcloud | Google Play | TuneIn

Copyright © 2018, CT Now