Westborough, Mass. — Atlantic Capital Partners has arranged the $10 million sale of 9 West Plaza, a 35,371-square-foot neighborhood retail center located in Westborough, approximately 28 miles west of downtown Boston. Tenants at the property include Dollar Tree, Chipotle Mexican Grill, PetMedic, Jersey Mike’s, FedEx and Smileland Pediatric Dentistry. Built in 1983, the center is situated on 5 acres, according to LoopNet Inc. Justin Smith, Chris Peterson, Sam Koonce, Danielle Turpin and Matt Ericson of Atlantic Capital represented the seller in the transaction. Will Kelleher of Kelleher Sadowsky represented the buyer.
Massachusetts
Chestnut Hill, Mass. — Simon Property Group has begun the redevelopment of The Shops at Chestnut Hill, a shopping, dining and entertainment destination located roughly six miles west of downtown Boston. The project will include a full repainting of the center’s interiors, the installation of a new lighting system, new artwork and decor throughout the center and an update to the indoor garden area. Simon will also renovate the center’s flooring, facades and restrooms. The majority of the project is expected to be complete by the end of the year. …
Zelco Properties, AGW Partners Acquire Retail Portion of Mixed-Use Development in Suburban Boston
Belmont, Mass. — Zelco Properties & Development, in partnership with AGW Partners, has acquired the retail portion of the Bradford, a newly constructed, 184,000-square-foot mixed-use development located in the western Boston suburb of Belmont. The Bradford comprises 115 luxury residential units across three buildings, along with 34,000 square feet of ground-floor retail. The acquisition includes multiple retail spaces ranging from 450 square feet to nearly 20,000 square feet. The retail space contains an anchor suite and a purpose-built restaurant space. Starbucks currently anchors the property, which features on-site parking options, a …
PREIT Receives $56 Million in Financing for Darthmouth Mall in Southeastern Massachusetts
Dartmouth, Mass. — PREIT has received a $56 million loan for the financing of Dartmouth Mall, a 671,000-square-foot regional mall in Dartmouth. PREIT used the funds to pay down its First Lien Term loan, which is expected to generate $2.1 million in annual interest savings. The ten-year loan carries a 7.1 percent interest rate for the first five years and matures in October 2035. Dartmouth Mall will add the region’s first Boot Barn to its tenant lineup, along with Locker Room by Lids and Chick-fil-A, which recently joined the center. Additional …
Boston — JLL Capital Markets has arranged the $83 million sale of the Mandarin Oriental Retail Collection, a 28,856-square-foot retail property located in the Back Bay neighborhood of Boston. Situated within the Prudential Center, the retail condominium occupies the ground-floor of the Mandarin Oriental Hotel and is anchored by Citizens Bank. Additional tenants at the property — which was 82 percent leased at the time of sale — include Frette, MiniLuxe and Lunette Optic. Chris Angelone, Zach Nitsche, Sam Wiesman and Anthony Cutone of JLL’s Investment Sales and Advisory team …
Boston — Boston-based Wilder has been selected to provide management services for 74 retail properties across Massachusetts, New Hampshire and Rhode Island on behalf of Linear Retail Properties. With the addition of these properties, Wilder’s portfolio now exceeds more than 100 locations, ranging from Maine to Florida.
Urban Edge Properties Closes $123.6 Million in Financing for 752,000-Square-Foot Shopping Center Near Boston
Framingham, Mass. — New York City-based Urban Edge Properties (NYSE: UE) has closed on a $123.6 million interest-only mortgage for a portion of Shoppers’ World, a 752,000-square-foot super regional power center located in Framingham, a western suburb of Boston. The four-year Secured Overnight Financing Rate (SOFR) loan was swapped and converted to a 5.12 percent fixed interest rate. The company then used a portion of the proceeds from the financing to pay off the $90 million outstanding balance on its line of credit with its original 5.48 percent interest rate. …
Dartmouth, Mass. — PREIT has signed leases with five new tenants at Dartmouth Mall, a 671,000-square-foot regional mall in Dartmouth. Western and work wear retailer Boot Barn will open a 15,000-square-foot store this fall as its first location in the area. Locker Room by Lids expects to open at the end of the month, while Chick-fil-A plans to open as an outparcel at the property later this year. Cinnabon and Carvel have already opened. These additions follow the redevelopment of the former Sears space, which is now occupied by Ulta Beauty …
Marcus & Millichap Brokers $7.2 Million Sale of Retail Center in Leominster, Massachusetts
Leominster, Mass. — Marcus & Millichap has brokered the sale of Leominster Plaza, a 20,279-square-foot retail center located in Leominster, approximately 42 miles northwest of Boston. The center is anchored by a ConvenientMD Urgent Care clinic, which has more than 13 years remaining on its lease. Other tenants at the property include ARA Leominster Dialysis, GEICO and Kids Care+. Adam Cohen and Brett Kilar of the Cohen Group, a division of Marcus & Millichap, marketed the property on behalf of the seller and procured the buyer in the transaction.
Horvath & Tremblay Arranges $6.8 Million Sale of Retail Center in Wareham, Massachusetts
Wareham, Mass. — Horvath & Tremblay have arranged the $6.8 million sale of Wareham Marketplace, a two-center retail property located in Wareham, roughly 45 miles east of Providence. Aldi anchors a 29,910-square-foot strip center that includes tenants Dollar Tree and Kadrmas Eye Care of New England. An additional 5,337-square-foot strip includes tenants UPS, Jersey Mike’s, Mimi’s Nails and Glow Tanning. The center also features three freestanding retailers — AutoZone, Wendy’s and Mattress Firm — that were not included in the transaction. Bob Horvath and Todd Tremblay represented the seller and …