Market Listing Planned for Marlborough’s Solomon Pond Mall by Receiver

Market Listing Planned for Marlborough's Solomon Pond Mall by Receiver

According to a report by the Boston Business Journal, E3 Advisors, the receiver for Solomon Pond Mall in Marlborough, MA is currently searching for a broker to assist with marketing and selling the property. The appointment of this receiver was made in 2021 after Simon Property Group, who owns the 400,000-square-foot mall, was unable to come to an agreement with their lender regarding modifications on their mortgage.

The loan had been placed into special servicing in 2020 as brick-and-mortar retail businesses began feeling the impact of COVID-19. Last year’s appraisal valued the property at $29.7 million – significantly lower than its previous valuation of $200 million back in 2012.

Records show that as of spring this year, occupancy at Solomon Pond Mall stood at 84%. Despite challenges faced during these uncertain times for retail businesses across America due to COVID-19 restrictions and closures last year,the receiver has managed some leasing successes including securing Hey Kiddo’s Playtime indoor playground as a new tenant. Two larger tenants,H&M and Forever21 have leases expiring early next year while Regal Cinemas’ lease runs through April2027.

E3 Advisors plans on bringing Marlborough’s Solomon Pond Mall onto market soon accordingto Connect CRE .

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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