Augusta, Georgia-based Hull Property Group has acquired The Mall at Whitney Field, a 744,000-square-foot retail property in Leominster anchored by Market Basket, for $16 million. 

Newmark Knight Frank represented seller Colony Capital. The property is 95 percent leased and tenants include department stores Sears, Macy’s, JC Penney and Burlington.

Situated on a 75-acre site, the property has potential for “strong value-add potential,” according to brokers.

“The mall’s already varied rent roll, with retail, grocery and entertainment uses, positions the buyer to further diversify, which is a lucrative approach for revitalizing and repositioning distressed mall assets,” Newmark Knight Frank Vice Chairman Thomas Dobrowski said in a statement.

The Sears store is scheduled to close next month, Sears parent Transformco announced in November. The mall property previously sold in 2013 for $36.1 million, according to property records.

The mall serves a trade area of nearly 350,000 and the average household income within a 15-mile radius is $114,000, according to Newmark Knight Frank.