The Mall at Whitney Field in Leominster sells for $16M
Photo | Grant Welker
The Mall at Whitney Field in Leominster
An out-of-state investor has purchased The Mall at Whitney Field in Leominster for $16 million.
Leo Ma Mall LLC, a division of Hull Property Group, a shopping mall management company based in Augusta, Ga., closed the deal on Christmas Eve.
The 744,107-square-foot center is appraised at $6 million, according to the Town of Leomister. It is anchored by Sears, Macy's, JCPenney, Market Basket and Burlington, formerly known as Burlington Coat Factory.
The seller, Clnc Reo Whitney LLC, an entity of Colony Capital in Los Angeles, paid $36 million for the property in 2013.
[Related: Greendale Mall to be demolished and redeveloped]
Whitney Field has changed hands four times in 13 years. The highest price paid for mall was $82 million in 2007 when it was bought by Walton Whitney Investors in Chicago.
Newmark Knight Frank, the global commercial real estate company with offices in Boston, brokered the latest deal with Hull.
In marketing materials, the Hull sales team said the mall is located one hour northwest of Boston at the intersection of Route 2 and Interstate 190. It wrote the mall serves 349,600 people with an average household income of $114,000 within a 15-mile radius.
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