MARLBOROUGH — Most of Solomon Pond Mall has been sold for $8.5 million to a pair of affiliates of Ohio-based Industrial Commercial Properties (ICP), concluding several years of court-appointed receivership, according to documents filed in the Worcester and South Middlesex registries.
A federal bankruptcy court approved the sale on Dec. 5, 2025, and the transaction closed Monday, records show. Huntington National Bank financed the purchase for ICP with a $6.75 million mortgage.
The 29-year-old mall, whose main entrance is located at 601 Donald Lynch Boulevard in Marlborough with the back half of the mall extending into Berlin, is assessed by Marlborough officials at $19.92 million, more than double the sale price.
The transaction did not include the mall’s two anchor stores. The JCPenney parcel, totaling 111,324 square feet, is assessed at $6.97 million, while the Macy’s parcel, at 199,656 square feet, is assessed at $11.11 million. Both anchors are owned separately by their parent companies.
The property entered receivership in September 2021 after the mortgage-holder, U.S. Bank, sued former owner Simon Property Group over nonpayment of a $110 million non-recourse loan, citing revenue losses during the COVID-19 pandemic when Massachusetts malls were temporarily closed.
JLL Capital Markets was appointed by the court to market the property. As of publication, ICP has not publicly disclosed redevelopment plans, although legacy mall owners often experiment with tenants such as art galleries, pickleball courts, or even redevelop the properties into mixed-use residential/commercial properties that are primarily residential in nature, Banker & Tradesman reported.
The mall currently lists 80 retail and restaurant tenants on its website, including national brands such as H&M, Victoria’s Secret, and Aeropostale.