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.
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