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An Atlanta industrial developer has closed on the $75 million purchase of the defunct Silver City Galleria property in Taunton, after receiving approval for a 1.1 million-square-foot development.

In April, the Taunton planning board approved a special permit for Portman Industrial’s proposed warehouse buildings and 733 parking spaces at 2 and 8 Galleria Mall Drive. CBRE marketed the property on behalf of seller Thibeault Development of Everett, which had acquired the property through a 2019 foreclosure for $7.5 million.

The 29-year-old mall closed permanently in February 2020 after losing anchor tenants including Sears, Macy’s and Best Buy in recent years. Taunton Mayor Shaunna O’Connell supported an industrial redevelopment to restore tax revenues and take advantage of the property’s proximity to Route 24.

Portman Industrial, a division of Atlanta-based Portman Holdings, is focusing on development of logistics properties throughout the U.S.

Industrial Developer Buys Defunct Taunton Mall for $75M

by Steve Adams time to read: 1 min