Receiver E3 Advisors is working to engage a broker to market and sell Solomon Pond Mall in Marlborough, MA, reported the Boston Business Journal. The receiver was appointed in 2021 after the 400,000-square-foot mall’s owner, Simon Property Group, could not reach an agreement with its lender to modify the terms of its mortgage.

The loan had been placed into special servicing in 2020, just as the pandemic was beginning to impact the brick-and-mortar retail business. Last year, the property was appraised at $29.7 million, down from a $200-million valuation in 2012, the Business Journal reported.

As of this spring, occupancy stood at 84%, records show. The receiver has scored some leasing successes, including the newly opened indoor playground Hey Kiddo’s Playtime. H&M and Forever 21, two of the mall’s larger tenants, have leases that expire in early 2025. Regal Cinemas has a lease that runs through April 2027.

Join industry leaders at Connect Distressed Investment & Finance 2024 on October 22 in Los Angeles at the Luxe on Sunset. This event brings together experts to discuss the future of distressed assets, financing challenges, and investment opportunities in today’s evolving market.