Brady Sullivan to buy struggling Keene retail spots
Revitalization the target for Colony Mill Marketplace, Center at Keene
Manchester-based Brady Sullivan Properties has entered into an agreement to buy the Colony Mill Marketplace and the adjacent Center at Keene with an eye on revitalizing the troubled shopping areas.
The company said the closing is expected sometime in February. It wouldn't reveal a purchase price for either property until the deal is finalized.
According to The Keene Sentinel, the 112,237-square-foot Colony Mill was assessed at $4,686,100 in 2013, including the main building and the parking lots surrounding it. The 106,741-square-foot Center at Keene was assessed at $5,123,400, including the main building and the parking lots.
Since being placed in receivership four years ago -- after owner Mayo Seven LLC defaulted on mortgage payments -- the once-bustling hub of shopping and entertainment in the Monadnock Region has seen experienced a mass exodus of businesses.
Currently the Center at Keene has approximately 40,000 square feet available and Colony Mill has about 60,000 square feet available which includes an available 3,900-square-foot former restaurant pad and a 2,200-square-foot free-standing pad.
The high vacancy rates made the properties attractive to the company, Benjamin S. Kelley, a commercial real estate partner with Brady Sullivan, told the Sentinel.
“It is kind of what we do,” he said. “We’re not going to go in and buy a fully occupied building. We want to fill it up with tenants, make improvements that are needed, and add value.”