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 .
