WOONSOCKET â€“ The real estate entity that held the mortgage on Walnut Hill Plaza has repurchased the ailing Diamond Hill Road shopping center in a foreclosure auction for $13 million.
The group of investors known as ML-CFC Commercial Mortgage Trust reclaimed the struggling strip mall from a subsidiary of New York-based Acadia Realty Trust, which had purchased it for $23.5 million in 2006.
There were no other offers on the sprawling shopping center during a public foreclosure auction on the grounds Friday, said lawyer Armando Batastini, representing the lenders.
The question now is what happens to one of the cityâ€™s largest shopping centers, battered by the recent loss of its anchor store and the exodus of other major retailers from Diamond Hill Road to North Smithfieldâ€™s fledgling Dowling Village, including Walmart and Loweâ€™s.
Story appears on page A1 of Tuesday's Call and A5 of the Times.