Boston— Newmark Knight Frank (NKF) announced the completion of the $16 million sale of The Mall at Whitney Field in Leominster, MA on behalf of Colony Capital to Hull Property Group.
Vice Chairman Geoffrey Millerd, Senior Managing Director Justin Smith, Director Paul Penman and Financial Analyst Conor Reenstierna of NKF’s Boston Capital Markets team – which is led by Co-Head of U.S. Capital Markets Robert Griffin – oversaw the transaction of the regional mall in conjunction with NKF Vice Chairman Thomas Dobrowski.
Totaling 744,107 square feet, The Mall at Whitney Field is presently 95 percent leased. The property is anchored by four major department stores – Sears, Macy’s, JCPenney and Burlington (formerly Burlington Coat Factory) – and premier regional grocer Market Basket.
“This offering represented an exceptional opportunity to own all of The Mall at Whitney Field’s anchor tenants, including a high-volume Market Basket,” said Smith. “Ownership benefits from complete control over the full 75-acre site – a rarity in the enclosed regional mall market.”
The Mall at Whitney Field is strategically situated one hour northwest of Boston at the intersection of Route 2 and Interstate 190, the primary east-west and north-south thoroughfares in the surrounding region. It serves a wide geographic trade area with a population count of 349,600 people with an average household income of $114,000 within a 15-mile radius.
“The Mall at Whitney Field is an ideal investment with strong value-add potential,” said Dobrowski. “The mall’s already varied rent roll, with retail, grocery and entertainment uses, positions the buyer to further diversify, which is a lucrative approach for revitalizing and repositioning distressed mall assets.”
