By Seth Daniel
The Wonderland Marketplace retailing shopping center has sold to a Concord, MA company for $15.5 million.
Winstanley Enterprises of Concord purchased the Marketplace â€“ which contains tenants like Marshallâ€™s, Staples, Big Logs and the Post Office â€“ from a Texas company that has owned the property for decades. The property has been managed by Keypointe Partners for many years as well, but Winstanley officials said they would be using their own in-house property management team.
Barbara Green, senior vice president asset manager, said they really love the location and the Marketplace is exactly the kind of property they like to have.
She said the project will be in combination with Surry Equity of New York.
â€œWeâ€™ve done a number of strip malls together, including the Rhode Island Mall,â€ she said. â€œWhat we do is look for developments where we see a lot of potential. We are very hands-on landlordsâ€¦Weâ€™ll put a roof on and get the vacancies leased up. Itâ€™s a great center thatâ€™s well located. We love the demographics and like the future residential developments on the Beach taking shape and proximity to the T Station. This is exactly the kind of thing we look for. We come in and we use our hands-on approach.â€
The mall has been a retail powerhouse for many years, but really hit hard times in late 2012 when the Stop & Shop Supermarket closed down abruptly. After some time, the Big Lots store opened up in part of the space, but vacancies still exist.
Green said they are ready to change that.
â€œThat center has solid, solid anchor tenants there right now,â€ she said. â€œThe Staples, Marshalls, Post Office and the 99 Restaurant are doing really well. We do have some vacancies â€“ one that is about 30,000 to 40,000 sq. ft. that will get leased up and a couple smaller units. There is an end cap that could be used for something with a drive-thru.â€
City Councillor John Powers, who represents that area, said he is encouraged by the news.
â€œItâ€™s great to see business coming in and not going out,â€ he said. â€œI think it falls in line with some of the things Iâ€™d like to complete there. For instance, along the 1A corridor, weâ€™re looking for the old building on North Shore Road near the Wharf to come down in the spring. I understand the mayor has been back and forth with Wonderland Dog Track regarding the demolition of their facility. Butler Circle rehabilitation is something I would like to see done and there is money set aside for it alreadyâ€¦I think itâ€™s very encouraging to hear that transaction and I look forward to them making it a very strong strip mall.â€
Councillor George Rotondo said he gives credit to the administration for getting a new owner in town.
â€œI think John Festa has to be given credit for this and I look forward to working with the new company and changing that mall,â€ he said.
Green said the company was still pulling things together, having just purchased the mall in the last two weeks, and they would be reaching out to City leaders and the community soon.
The Wonderland Marketplace on Butler Circle sold recently for $15.5 million to a Concord, MA company. It has been owned by a Texas company for many years.