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Business

Safavieh Acquires Stamford Shopping Center

Home furnishings and rug maker Safavieh purchased the 760,000 square foot Connecticut mall with plans to revitalize the asset and open a showroom.

10/27/2020
picture of shopping mall exterior in evening
The Stamford Town Center features 760,000 sure feet and includes nearly 100 retailers.

PORT WASHINGTON, N.Y. -- Home furnishings and rug purveyor Safavieh, which currently operates 13 retail locations in Connecticut, New Jersey and New York, has acquired the Stamford Town Center from an affiliate of mall owner Taubman Centers Inc., according to a report in Commercial Property Executive.

Safvaieh subsidiary Yaraghi Realty LLC acquired the Stamford, Connecticut, mall and plans to stabilize and revitalize the struggling asset, which was built in 1982 and was placed on the market in the fall of 2019. Safavieh plans to open a new showroom in the mall, according to the Commercial Property Executive report.

Major tenants of the mall include Macy’s (which owns its approximately 240,000 square foot footprint), Saks Fifth Avenue OFF 5th, Michael Kors, Banana Republic, Swarovski and Barnes & Noble.

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