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Walnut Hill Plaza auctioned off

March 31, 2014

WOONSOCKET – 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 city’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 Smithfield’s fledgling Dowling Village, including Walmart and Lowe’s.

Story appears on page A1 of Tuesday's Call and A5 of the Times.

 

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