Leads the sale of 104,000 square foot Power Center in Marlborough, MA
Boston – June 8, 2015 – On behalf of the seller, Kimco Realty Corporation, CBRE/New England announced the sale of Shops at the Pond to RK Centers for $21,125,000. Kimco acquired the newly constructed property in 2004. The 104,125-square-foot center is 100% leased to a mix of nationally recognized tenants that includes DSW, Best Buy, EMS and Olive Garden. In addition, the center is occupied by Pure Hockey's flagship store.
Located directly across from the one million-square-foot Solomon Pond Mall, Shops at the Pond benefits from its super-regional location and excellent visibility at the intersection of Interstate 290 and Interstate 495.
The CBRE/NE Capital Markets team led by Chris Angelone, Bill Moylan and Nat Heald represented the seller and procured the buyer. “We are pleased to have worked with both parties in the transaction,” said Angelone. “RK Centers has acquired an exceptional asset within the New England retail market that serves as an excellent addition to their existing portfolio.”
Shops at the Pond is located in Marlborough, Massachusetts, which offers a variety of transportation amenities that connect businesses and the community to major metropolitan centers including Worcester (18 miles), Boston (30 miles), Nashua, New Hampshire (40 miles) and Providence, Rhode Island (50 miles). Marlborough is conveniently traversed by Interstate 495, which provides businesses with access throughout the Greater Boston region. Marlborough is also served by Interstate 290, which connects the community to nearby Worcester and offers access to the Massachusetts Turnpike (I-90) in neighboring Southborough. Other thoroughfares serving the city include Route 9/The Boston Turnpike and Route 20/Boston Post Road.
About CBRE/New England CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.