Tuesday, June 1, 2010

Sagamore mall fetches $21 million

Two years after developers bought the Cape Cod Factory Outlet Mall in Sagamore for $16.1 million, the property has again changed hands – at a substantially higher price.

Lexington-based Compass Bourne LLC closed a deal, buying the 12.25-acre property from previous owners Cape Cod Windmill LLC and High Rock Factory Outlet Road 1 LLC for $20.9 million. The sale makes the future of the property unclear.

The previous owners incited widespread speculation last year when they declared their intention to bring a large supermarket to the property but declined to name which chain would be opening the store.

The developers indicated that the supermarket would be one without any current locations on Cape Cod, Bourne Town Planner Coreen Moore told the Cape Cod Times in March.
Plans for a 64,000-square-foot building to house the grocery store have been approved by the town.

The proposed plans also included two additional buildings: one for retail stores and restaurants and one for a pharmacy with a drive-through lane, Moore told the newspaper. She could not be reached for comment yesterday afternoon.
The developers were also planning to move the entrance to the property further down the Exit 1 ramp off Route 6 and add landscaping and vegetation to the property, making it more inviting to potential shoppers.

The plans to revive the tattered, 174,000-square-foot shopping center – which Moore referred to as a “dying mall” – received widespread support.

Neither the sellers nor the buyers could be reached for comment about what the future holds for the property.

Though the outlet mall contains spaces for more than 20 retailers, there are currently only 13 tenants in the plaza, including Dress Barn, Carter's Childrenswear and a Bass Outlet.

The property was developed into a shopping center in 1972.

In addition to the mall, the property includes a long-abandoned motel and part of the old Cape Cod Coca-Cola Bottling plant, which dates to 1937.

The most recent valuations by the town of Bourne put the value of the property at approximately $15.3 million.

Source: Cape Cod Times

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