A company from Ohio purchased the Berkshire Mall in Lanesborough, Massachusetts, this week. The mall has been closed for the last three months and stores there have struggled to stay open for years.
Durga Property Holdings Inc. in Cincinnati purchased the mall for $1 million.
According to The Berkshire Eagle, the buyer also paid $900,500 in back taxes owed by the former owner.
Williams College economics professor Stephen Sheppard said if the property remains a mall, he is skeptical the new owner would be successful filling it with retailers.
At the same time, he said the purchase is a positive sign.
"It shows some faith in the local economy and a certain amount of optimism, but it is a really tough retail environment," said Sheppard. "Malls are struggling around the country. This one is is going to have to work hard and be lucky to succeed."
Sheppard said tearing down part of the mall or turning it into a mix of affordable and senior housing might be the way to go.
