BROCKTON, MA-The Westgate Mall is selling to Newton-based New England Development for $31.75 million. The 532,135-square-foot enclosed mall is anchored by Macy's, Sear's, with junior anchors Best Buy, Old Navy and Marshalls.
"We believe in this location for retail and are currently working on several ideas to enhance the center," explained Doug Karp EVP at New England Development, in a statement.
The property is located at 200 Westgate Dr. and is 95% leased by 67 tenants. Macy's is secured until 2018, while Sear's is locked in until 2021. The mall had an approximate NOI in 2008 of $4.2 million
CBRE's National Retail Investment Group repped the seller and procured the buyer. The team consisted of Bill moylan, Chris Angelone and Josh Klimiewicz.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
