Belknap Mall sold; new owner plans multimillion-dollar upgrade

BELMONT — The Belknap Mall, one of the largest retail complexes in the Lakes Region, has been sold to a commercial real estate firm that plans a multimillion-dollar upgrade of the facility which has experienced increasing vacancies over the past 20 years.

The property, consisting of five buildings on 15⅔ acres, was sold Thursday by Belknap Realty LLC to Verno Belknap LLC. The purchase price was not immediately disclosed.

Belknap Realty purchased the mall just under two years ago for $4.25 million.

Verno Belknap is managed by Vernet Property Inc., a Massachusetts commercial real estate holding company which owns two retail complexes and a restaurant in the southern part of the state, in addition to commercial property in the Bay State, according to John McLaughlin, a commercial real estate broker who represented the buyer.

McLaughlin said Verno, which is owned by George and Ann Vernet, plans to spend between $3 million and $4 million, upgrading and refurbishing the complex which is currently 40% vacant.

At present, the complex has 13 tenants, with the major ones being Shaw’s supermarket, discount retailer Big Lots, and the Planet Fitness health club. Other tenants, notably CVS pharmacy, women’s retailer Maurice's and Peebles department store, left the mall a number of years ago.

With a total assessed value of more than $18 million, the Belknap Mall is one of the largest property taxpayers in Belmont, according to town officials.

The property consists of four retail structures — the main mall building with 210,000 square feet, and three satellite buildings ranging in size from 27,000 square feet to 2,500 square feet, for a total of 232,600 square feet.

The Vernets will be closely involved in the operation of the mall, said McLaughlin, who is a principal in McLaughlin Investments, which has its offices in Burlington, Massachusetts. He said the new owners have a track record of reviving under-performing shopping centers. The 200,000-square-foot Apple Tree Mall in Londonderry, one of their properties, is completely occupied, he noted.

The Belknap Mall was built in 1974 and then enlarged in 1991. The satellite buildings were built later.

In an interview shortly after purchasing the mall two years ago, Elliot Nassim, president of Mason Asset Management, Belknap Realty’s parent company, spoke about the potential of using some of the the mall for non-retail uses, including residential or movie theaters.

On Friday, McLaughlin said Vernet’s plan is to continue the Belknap Mall as a strictly retail complex.