Massive retail center in Sturbridge drops $12M in value in recent sale
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The Sturbridge property is the largest open air shopping center in western Central Massachusetts.
An expansive outdoor shopping center in Sturbridge sold for $31.6 million on Thursday.
Totaling more than 200,000 square feet of rentable space, it is the largest open-air shopping center between Worcester and Springfield, according to real estate listing site LoopNet. The plaza, which includes a Walmart, Stop & Shop, and several restaurant and retail chains, is located along Charlton Road next to the intersection of I-84 and the Massachusetts Turnpike.
CIM Group, a commercial real estate firm headquartered in Los Angeles, was the seller in the deal, which closed Thursday. The buyer was an entity registered to the Rhode Island offices of American Realty Global, a real estate firm based in New York City.
The Sturbridge shopping center has been decreasing substantially in price since it was renovated in 2004, according to the Sturbridge assessors’ database. It sold for $53.1 million in 2006 and then for $43.5 million to CIM Group in 2016. Thursday’s sale marked a nearly $12 million value drop from its last sale six years ago.
The properties, which include 100-120 Charlton Road, are assessed by the Town of Sturbridge at $30.55 million in total.
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