A Florida private equity firm specializing in senior care homes and medical office facilities has bought a large slice of the Auburn Mall for $50 million.
An affiliate of Kayne Anderson Capital Advisors, based in Boca Raton, bought the former Macy’s home furnishings space that made up the mall’s western-most anchor store from mall owner Simon Properties for $50.25 million, according to documents filed in the Worcester Registry of Deeds. Tennessee-based First Horizon Bank provided the $25 million mortgage.
Simon had converted the mall’s former Macy’s home furnishings store, roughly 87,500 square feet in size, to a medical office building for Worcester-based Reliant Medical Group following the store’s closure. The new medical facility opened in 2019.
The mall, located adjacent to the Massachusetts Turnpike just south of Worcester, now only has one of its original three retail anchor tenants remaining following Sears’ closure of its store there earlier this year. The remaining retail anchor space is occupied by a Macy’s.