Westmeadow Plaza sold for $9M
North America’s largest publicly-owned shopping center operator has purchased Westmeadow Plaza in Westborough for $9 million.
Deed records indicate that 180 Milk Street 1720 LLC, an affiliate of Long Island-based Kimco Realty Corp., bought the plaza, anchored by an Ocean State Job Lot store, May 1 from GPB Real Estate Holdings LLC, which is affiliated with Boston-based Bollard Group Holdings.
The 151,191-square-foot complex at 166-180 Milk St. has nearly 25,000 square feet of vacant space, though prospective tenants are negotiating to fill all the unused space, according to Mary Powers of Lynnfield-based Powers & Co., who has served as the mall’s leasing agent. Other major tenants include the Mill Store and Ann & Hope Curtain & Bath Outlet.
Westmeadow Plaza was one of 24 New England retail properties acquired earlier this month from Bollard by Kimco for a combined $270 million. Kimco said in a statement that the properties align with their focus on grocery, necessity-based and discount retailers.
Rents at these properties are typically well below market value, and Kimco said it plans to grow its income over the next decade through rent increases and lease rollovers.
Westmeadow suffered a major blow in 2011 after the Northborough Crossing shopping center opened two miles west, with T.J. Maxx moving out. But Bollard cut the vacancy rate by investing in major façade and site renovations in 2013, which included new direct access to and from Route 9.
The shopping center was built in 1973 and offers more than 600 parking spaces, according to town property records. Bollard purchased the property in December 1996 for $2.9 million, according to deed records.
CORRECTION: The original version of this story said two stores moved from Westmeadow Plaza to Northborough Crossing.
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