Berkshire Mall Set to Be Sold in June

By Tammy DanielsiBerkshires Staff
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Stores in the Berkshire Mall have been advised that a new owner will take over this June.

LANESBOROUGH, Mass. — The Berkshire Mall is set to be sold this June through a Tennessee real estate developer.

The new owner is expected to pour millions into the 26-year-old mall, currently owned by Pyramid Companies of Syracuse, N.Y.

CBL & Associates Inc., based in Chattanooga, is "working on behalf of the new owner who will take possession of the property around June 9th," CBL's Vice President of Asset Management Scott Word wrote in an email. He was not able to give out anymore further information at this point.

CBL representatives reportedly walked through the mall last week to meet with the 60 or so proprietors and managers of the current establishments. Tenants were told that CBL would honor agreements made prior to the sale and that there were plans to improve the 700,000-square-foot shopping center and its offerings.

The real estate investment trust (NYSE:CBL) specializes in developing new centers and also in turning distressed properties around; it operates or has a stake in 150 properties in 30 states, including its only other current Massachusetts holding, the Hanover Mall, near Boston.

It currently has about a dozen outlets, malls and open-air plazas at various stages of development.


In April, CBL's President and CEO Stephen Lebovitz said the firm's goals for growth would include selling off stable but lower-growth mall and "non-core properties" and focusing on redevelopment, new development  and "selective acquisitions."

The Berkshire Mall has had its ups and downs. Originally envisioned as an urban plaza in downtown Pittsfield, the city's residents rejected the idea and the sprawling complex was built just over the border in Lanesborough in 1988.

The original anchor stores included a Sears and J.C. Penney, both of which are still there, and a Hills Department Store, which was later replaced by an Ames and then Target. The mall also features a Macy's and Best Buy that were added on later.

Still, the mall has seen a number of smaller outlets leave or go under after a few years, including Old Navy, and has a more than a few empty spots.

In February, its $36.9 million loan was transferred to a special servicer for failure to make payments over two months, according to an industry analyst. The mall, operating as Lanesborough Enterprises New Co., took out a loan for $37.5 million 2004 and asked it be continued several times.

The property is assessed at $33.5 million by the town. According to the analyst, the appraisal of the property was lowered by $14.5 million last year. The mall had appealed the assessment after overpaying for several years.

A call to Pyramid Companies has not yet been returned.


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Pittsfield Council Passes $232.7M Budget

By Brittany PolitoiBerkshires Staff

PITTSFIELD, Mass. — The City Council unanimously approved a $232.7 million budget for the upcoming fiscal year. 

It is a modest, almost 2.9 percent increase from FY26. 

"I do want to give the community kind of a heads up as we move forward on budgets. What we see coming out of the federal government that's trickling down to the states, it's going to be harder and harder for us as a community to meet our needs under the Proposition 2 1/2," Councilor at Large Alisa Costa said. 

"We're going to have challenges, as we've seen communities across the state trying to override the Proposition 2 1/2, because we have dwindling amounts of money coming from the state and federal government." 

She pointed out that, at the same time, utility bills are going up for both residents and the city, as are the costs of pavement and other items. 

The amended budget of $232,777,720, down from the $232,782,090 originally proposed, includes cuts to the Department of Diversity, Equity, and Inclusion and the restoration of funds for councilors to attend the annual Massachusetts Municipal Association conference. 

The Pittsfield Public Schools' $86,855,061 budget includes $68,886,061 in state Chapter 70 funding and $18 million from the city. With $345,000 in school choice and Richmond tuition revenues, it totals $87,200,061 and is an approximately $300,000 increase from the Pittsfield Public Schools' FY26 budget of $86.9 million. 

The district's budget will fund 13 schools, as Morningside Community School will retire in the fall, and includes the middle school restructuring. 

Councilors also approved the use of $2 million in certified free cash to reduce the tax rate, and appropriated $450,551 for parking-related expenditures. 

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