Marlborough shopping center sold for $21.1M
PHOTO/COURTESY
Part of the Shops at the Pond in Marlborough
The Shops at the Pond, a strip mall adjacent to Solomon Pond Mall, has been sold to a real estate developer that continues to expand its New England presence.
The 104,125-square-foot shopping center was sold for $21.1 million to RK Centers, based in Massachusetts and Florida, according to CBRE New England, which represented the property’s sellers, Kimco Realty Corp.
The center is fully leased to a mix of nationally recognized tenants that include DSW, Best Buy, EMS and Olive Garden, according to CBRE, and is also occupied by Pure Hockey’s flagship store.
The property is located adjacent to the Solomon Pond Mall. Kimco acquired the property in 2004 for $26.4 million, according to Marlborough property records.
“RK Centers has acquired an exceptional asset within the New England retail market that serves as an excellent addition to their existing portfolio,” Chris Angelone of CBRE said in a release.
RK Centers is privately and owns more than 7 million square feet of commercial space. The Shops at the Pond purchase is part of an ongoing expansion into New England, with the company having purchased 10 properties totaling over 1.3 million square feet over the past 12 months.
Among those purchases was Worcester Crossing – which houses a Wal-Mart and Sam’s Club along Route 146 in Worcester – in 2014 for $49 million.
RK Centers also owns Speedway Plaza on the eastbound side of Route 9 in Westborough, along with additional properties in Worcester, Bellingham, Hudson, Marlborough, and the Shoppes at Blackstone Valley in Millbury.
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