Bollard Group Puts Retail Portfolio on Market, Wants $200M
Boston-based Bollard Group, a venture capital firm, is selling its strip mallportfolios in Massachusetts and New Jersey. The Boston Business Journal says that this could end up being the biggest retail deal of the year.
In the 1990s, led by its president Anastasios Parafestas, Bollard paid $96.6 million for the 28 Class B centers including the Micro Center mall on Memorial Drive in Cambridge, Vinnin Square in Swampscott, Meadow Plaza in Westborough, and the National Wholesale Liquidators strip center in Dorchester. These malls house a variety of retailers ranging from Starbucks to Marshalls.
Real estate sources believe this deal could fetch as much as $200 million as Bollard looks to cash in on its retail real estate holdings. The company sold the Banana Republic store it owned on Newbury Street in Boston’s Bay Back in December for $26.7 million. Parafestas purchased the four-story, 19,041-square-foot retail property for $3.1 million in 1995.
HFF in Boston is handling the sale.