Another shopping mall has sold at a severe discount, adding to the malaise surrounding New England mall properties.
Solomon Pond Mall in Marlborough sold for $8.5M to Cleveland-based Industrial Commercial Properties, according to public records. The sale didn't include the mall's anchor stores JCPenney and Macy's, the Boston Business Journal reported.
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In 2023, the 900K SF mall saw its valuation slashed from $200M to $30.4M. The mall was previously owned by Simon Property Group but was surrendered to its lender in 2021.
Other malls across the state are selling at slashed prices as New England malls continue to struggle as an asset class.
The Mall at Whitney Field in Leominster sold for $16M in 2020. The Kingston Collection, formerly known as Independence Mall, traded hands in 2023 for $9M.
The market has seen a bifurcation, with some malls emerging from the rubble while others struggle.
More than 50 mall deals could close before the end of the year, according to a report from Altus Group.
One of the largest mall landlords, Simon Property Group, reported a 96.4% occupancy rate across its portfolio in the third quarter.
However, struggling properties are being demolished at high rates. In the first nine months of 2025, 13M SF of retail space was demolished, mainly from teardowns of obsolete malls, according to a JLL Q3 report.
In September, Dartmouth Mall secured a $56M loan after it completed a bankruptcy filing. PREIT closed on the loan after it said the mall saw strong performance with new retail soon opening.
And Simon's Burlington Mall has seen strong foot traffic due to large population growth in neighboring suburbs and recent investment in the mall, including over $425M in redevelopments.
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