Hyannis, MA – According to published reports in the Boston Globe, Boston Herald, and a number of business and commercial real estate publications in June 2010, anonymous sources have reported that a signature property portfolio which includes the Cape Cod Mall is on the market.
Reportedly, the Boston office of Eastdil Secured LLC, a wholly owned subsidiary of Wells Fargo Bank has been retained to market the New England Portfolio. Based on the published reports, the firms directly involved have declined comment and offering details are unclear.
However, according to a source close to the mega offering who was contacted in connection with this report, only a partial interest in the portfolio held by an unidentified joint venture partner, is what is actually being marketed at this time.
The 725,000 square foot Cape Cod Mall is one of fourteen mall properties which were jointly acquired in 1999 by Simon Property Group, Inc., JP Morgan Investment Management’s Strategic Property Fund and TIAA from New England Development Co. in two transaction phases. In the first, the Cape Cod Mall (which was undergoing a major expansion) and nine additional mall properties were acquired. A short time later, the investment group purchased four more malls from New England Development Co..
In the blockbuster $1.7 billion deal, the fourteen malls collectively known as the New England Portfolio totaled 10.6 million square feet. The portfolio includes ten properties in Massachusetts, two in New Hampshire and one in each Connecticut and Virginia.