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| Fellsway Plaza, Medford, MA |
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| Paul Brandes |
MEDFORD, MA--(BUSINESS WIRE)-- Charter Realty & Development
Corp. and Regency Centers Corporation (NYSE:REG) closed on the acquisition of Fellsway
Plaza, a 150,000-square-foot neighborhood center anchored by a recently
constructed Stop & Shop.
Located in Medford,
Mass., the property was acquired from Berenson Associates of Boston through a
joint venture between Charter and Regency. Permanent and development financing
for the transaction was provided by PNC Bank. Hank Blake of Blake
Commercial Property Group represented the buyer in this transaction.
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| Dan Zelson |
“Fellsway Plaza is
an iconic infill location in the Boston metro area that cannot be replicated;
exactly the kind of property we will continue to target,” said Paul Brandes,
principal of Charter.
Constructed in multiple phases dating back to the 1950s,
Fellsway Plaza has not changed hands since its original ownership built the
property, which has always served as the gateway retail location for consumers
traveling south on the Fellsway toward Boston. Stop & Shop at this location
has consistently outperformed the other area grocers serving this trade area.
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| Barry Argalas |
“We are excited to add this high quality asset to our
growing portfolio and look forward to expanding our footprint within the Boston
MSA,” said John Hricko, vice president and regional officer at Regency
Centers.
Dan Zelson, principal of Charter adds, “Our
redevelopment plans make this the type of project tenants are seeking in
today’s marketplace. There are few opportunities of this nature.”
A modern theme will update the building’s aesthetics, while
planned upgrades in existing tenancies will reinvigorate the property’s tenant
mix. The common areas will be renovated with plantings and pedestrian scale
elements to further enhance the shopping environment.
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| John Hricko |
Slated to begin in the spring of 2014, construction will
include a new satellite building along the property’s frontage. Charter will be
responsible for development, property management and leasing on behalf of the
joint venture.
“We truly look forward to working with Charter and believe
our joint venture will be quite successful in implementing our strategies to
upgrade the facility,” said Barry Argalas, senior vice president of
national transactions at Regency Centers. “We fully expect this asset to be
representative of other high quality properties in the Regency portfolio.”
For a complete copy of the company’s news release, please
contact:
Paul Brandes, 914-701-4002
Principal
or
John Hricko, 610-747-1205
Vice President, Regional Officer
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