Solomon Pond JCPenney sold as part of corporate restructuring
Photo | Grant Welker
The JCPenney at Solomon Pond Mall in Marlborough
The JCPenney department store at the Solomon Pond Mall in Marlborough has sold for $4.3 million as part of a corporate restructuring separating the company's retail and property components.
The sale, which closed Dec. 18, follows JCPenney's approval by a bankruptcy court in November to divide the company into a publicly traded retail company and a real estate investment trust.
Both the buyer and seller of the 111,000-square-foot Solomon Pond Mall store are registered to JCPenney's Plano, Texas, headquarters. The retailer confirmed the sale and said the store will remain open.
JCPenney's corporate restructuring creates a new property holding company including 160 of the company’s real estate assets and all of its owned distribution centers, according to the company.
The Solomon Pond Mall site was last assessed by the City of Marlborough at nearly $5.9 million. It is one of three retail anchors for the mall, along with Macy's and Sears.
The Marlborough JCPenney is one of three in Central Massachusetts, along with one at the Mall at Whitney Field in Leominster and another in Sturbridge. The Sturbridge location is slated to close this spring. The Leominster location, like the rest of Whitney Field, is owned by Georgia-based Hull Property Group.
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