LEOMINSTER, MA-Vintage Real Estate is picking up the Mall at Whitney Field, a 46-year-old regional center on 35 acres here. The Los Angeles-based firm, which acquires and redevelops underperforming retail assets, is purchasing the 700,000-square-foot property from C-III Capital, which hired Eastdil Secured this past October to market it, according to published reports.

Vintage did not disclose the purchase price, although Real Capital Analytics data indicate a contract price of $37 million. That's less than half the $81.9 million paid by Walton Whitney Investors V for Whitney Field in May 2007, including the assumption of a $74.5-million loan. In the interim, the loan went into default and, in November 2010, foreclosure.

With average sales per square foot of $355 for non-anchor tenants, “The mall has done remarkably well given the circumstances of the economic downturn and its foreclosure,” says Roger Burghdorf, EVP of leasing for Vintage, in a release. Along with “substantial anchor tenants,” he says, the mall offers “an attractive array of retail and restaurants including Victoria's Secret, Bath & Body Works, Justice, Payless Shoes and Panera Bread, and we are working with numerous retailers to fill some open spaces.”