Sale Price Of Waterford's Crystal Mall Revealed: Report

WATERFORD, CT — Electric Boat paid $25 million for the Crystal Mall property this past month, according to Hearst Connecticut Media.

The sale price shows what appears to be a big payday for Namdar Realty Group, which purchased the mall property for $9 million in 2023. The company also owns the beleaguered Enfield Mall and Meriden Mall.

The property was sold after an exodus of tenants from the mall in recent years. Claire's, Forever 21, Zales Jewelry, and FYE are some of the more recent closures at the Crystal Mall.

The last remaining anchor store at the Crystal Mall, JCPenney, closed last year.

Related: Closings Continue At Crystal Mall In Waterford

Electric Boat also bought the mall's Macy's space in June. That 121,000-square-foot space will be refurbished and is expected to accommodate about 700 employees by March 2027.

The purchase of the rest of the mall property — except the former Sears space — will allow Electric Boat to expand its engineering, training and software development work in support of Columbia- and Virginia-class submarine production, according to a statement from the company.

Four to five thousand employees are expected to work at the location. Electric Boat will occupy 542,000 square feet of space on the 42-acre plot of land on Route 85.

The spot is 5.5 miles from Electric Boat's shipyard in Groton.

The company plans to refurbish the space for a range of functions related to its submarine production and anticipates employees will start working there by the middle of 2027 at the earliest.