BOSTON–The Solomon Pond Mall in Marlborough has sold for just $8.5 million, marking one of the lowest prices paid for an enclosed shopping center in Massachusetts in recent years, as reported by the Boston Business Journal.
According to BBJ, the sale closed Monday, four years after the 29-year-old mall was placed into a court-appointed receivership. Former owner Simon Property Group was unable to reach an agreement with its lender on the property’s loan, prompting the appointment of a receiver, California-based E3 Realty Advisors, which ultimately arranged the sale.
The buyer is Industrial Commercial Properties LLC, a Cleveland-based firm that specializes in acquiring and repositioning distressed assets. The company owns roughly 51 million square feet of retail, industrial, and office space across the Midwest but does not list any New England holdings. As BBJ reported, one of the firm’s prior mall acquisitions in the Cleveland area was later demolished to make way for an Amazon fulfillment center, raising questions about the long-term future of the Solomon Pond property.
Neither Industrial Commercial Properties nor E3 Realty Advisors returned requests for comment from BBJ.
The transaction excludes two key anchor stores. Macy’s, which owns its Solomon Pond location, had the property last assessed at $10 million, while JCPenney owns its store, assessed at $6.4 million. Both anchors sit outside the sale.
Opened in 1996, the Solomon Pond Mall straddles the Marlborough and Berlin town lines and once ranked among Simon Property Group’s stronger regional assets. In addition to Macy’s and JCPenney, the mall includes a Regal movie theater and retailers such as H&M, Aeropostale, Talbots, Old Navy, and Victoria’s Secret. However, the property has seen a steady erosion of tenants in recent years. Its Sears store closed in 2021, while Forever 21 and Claire’s shut their doors earlier this year. Apple has relocated its store to The Shops at Blackstone Valley in Millbury.
The sharply discounted sale reflects broader challenges facing enclosed malls as consumers increasingly favor outdoor lifestyle centers. BBJ noted that similar properties across Central Massachusetts have traded at comparably low prices. The Mall at Whitney Field in Leominster sold for $16 million in 2020, while Worcester’s Greendale Mall sold for $7 million in 2019 before being demolished and redeveloped as an Amazon fulfillment center. On the South Shore, the Kingston Collection sold for $9 million in 2023.
Despite the struggles of some enclosed malls, Simon Property Group continues to own a dozen retail properties in Massachusetts, including Burlington Mall, Northshore Mall in Peabody, and South Shore Plaza in Braintree, BBJ reported.
The Solomon Pond transaction adds to growing evidence that many traditional malls are being repriced—or repurposed entirely—as retail patterns continue to evolve.
