The Greendale Mall has been sold.

The acquisition of the Worcester property was announced Monday by its purchaser, Finard Properties, a real estate development and management company based in Boston.

The over 300,000-square-foot mall was build in 1987 and is located at the junction of Interstates 290 and 190. Worcester County Registry of Deeds records show 7 Neponset St. LLC sold the mall to FP Greendale Owner LLC, c/o Finard Properties LLC of Boston for $7.125 million.

“We’re excited about the opportunity to create an authentic sense of place, meeting the needs of both the immediate neighborhood and Greater Worcester,” Todd Finard, CEO of Finard Properties said in a statement. “We are committed to the City and know that by enhancing the heart of Massachusetts and providing a unique and exciting destination, we can create a place that celebrates the community.”

While the mall once had a regular customer base of Central Massachusetts shoppers, the mall’s customer based decreased over years and stores closed. Businesses anchoring the mall in 2019 include TJ Maxx/Home Goods, Greendale Furniture, DSW and Reliant Healthcare. Best Buy announced this year that it would close in November, the most recent of the mall’s anchor tenants to not renew its lease.

Finard called the mall a “prime candidate for redevelopment” and envisions transforming the property into “a modern and unique, mixed-use destination.”

Tim Murray, president & CEO of the Worcester Regional Chamber of Commerce, said Monday that Finard’s vision for the mall "will provide a solid anchor to Worcester.”

The plan to convert Greendale into a mixed-use development follows the trend of other malls in Massachusetts and across the nation.

“The thinking is, malls have to be a destination. So some of the better, more successful malls have added more enhanced experiences,” Shuba Srinivasan, a professor of management and marketing at Boston University’s Questrom School of Business who has conducted research on retail trends, told MassLive last year. Rather than simply finding a product, consumers can discover something innovative or engaging.

Read more: Is the mall dead? In Massachusetts, it’s survival of the fittest as shopping centers evolve