Chelmsford – Winstanley Enterprises, LLC. of Concord, MA and Surrey Equities, LLC. of New Jersey have acquired the Chelmsford Mall, a nearly 225,000 square-foot open-air shopping center in Chelmsford, MA.
The property was acquired privately off market for $28 million from the original local developer who owned and operated it since the early 1970’s.
The sides reached agreement last night and the sale will be recorded today.
Chelmsford Mall is a 22.4-acre property located on Route 110 at 265 Chelmsford Street. The site has steady drive-by traffic volumes, over 1,000 parking spaces for automobiles, and its location on the Chelmsford/Lowell border offers immediate accessibility to Route 3 and I-495. The property is 100 percent leased with seven strong established retailers including Kohl’s, Michaels, PetSmart, Staples, Famous Footwear, Carter’s, and Best Fitness.
“This is a unique and exciting opportunity to acquire a thriving location that is fully occupied with top-tier retailers,” said Adam Winstanley, a principal of Winstanley Enterprises. “We see this as another strong long-term investment in the Chelmsford area.”
The Chelmsford Mall will continue to operate as is with the Winstanley/Surrey team becoming the new owner/operator. Winstanley Enterprises also owns and operates Chelmsford Town Center which was purchased in 2013. Chelmsford Town Center is a 41,000 SF retail center at the intersection of routes 110, 27, and 4 in the heart of downtown Chelmsford.
Chelmsford Mall was developed in the early 1970s as a central mini mall with dual endcap anchors (formerly Child World and Bradlees) presently Kohl’s and Staples. Over 25 years ago, the property was converted to its open-air configuration and maintained its Chelmsford Mall name.
The property is well maintained, and the Winstanley/Surrey team anticipate making immediate investments to the site to improve aesthetics. Betterments will include exterior painting, parking lot improvements, landscaping, and signage upgrades.
“The community has fond memories of the Chelmsford Mall dating back over fifty years,” said Edward Silvera, president and principal of Surrey Equities. “Its success is rooted in having an excellent location, long tenured retailers, and loyal patronage. We are excited to be part of its future.”
Winstanley Enterprises also owns Chelmsford Town Center, a 41,000 square foot shopping center in downtown Chelmsford.
