According to the Boston Business Journal, E3 Advisors, the receiver for Solomon Pond Mall in Marlborough, MA, is currently seeking a broker to assist with marketing and selling the property. This decision was made after Simon Property Group, the mall’s owner, was unable to come to an agreement with its lender regarding mortgage modifications.
The loan for Solomon Pond Mall had been placed into special servicing in 2020 due to challenges faced by brick-and-mortar retail businesses during the pandemic. Last year’s appraisal of $29.7 million marked a significant decrease from its valuation of $200 million back in 2012.
Recent records show that occupancy at Solomon Pond Mall stands at 84%. The receiver has already achieved some leasing successes such as securing Hey Kiddo’s Playtime indoor playground as a new tenant. However, larger tenants like H&M and Forever 21 have leases expiring in early 2025 while Regal Cinemas’ lease runs through April of 2027.
Overall,the plan is for E3 Advisors to bring Marlborough’s Solomon Pond Mall onto market this spring according Connect CRE reports.
