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DevelopmentMassachusettsNewsRetailers

Express Kitchens to Open Eight Stores, Showrooms Near Boston in 2020

by Alex Tostado

Boston — Kitchen remodeling firm Express Kitchens plans to significantly increase its Massachusetts footprint in 2020 by opening three new retail stores and five new showrooms in and around the Boston area. Express Kitchens will open stores in the suburbs of Lynn, Watertown, Dedham, Peabody, Reading, Medford, Brockton and Weymouth. Showrooms will display a range of kitchens, cabinets and countertops, which customers will be able to purchase for their homes in-store or from the company’s website.

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DevelopmentMallsMassachusettsMixed-useNewsRetailers

PREP Property Group to Redevelop Mall into Mixed-Use Property in Metro Boston for $250 Million

by Alex Tostado

Hanover, Mass. — PREP Property Group has unveiled plans to redevelop Hanover Mall in Hanover, approximately 22 miles southeast of downtown Boston. The project costs are estimated at $250 million. PREP will rebrand the mall as Hanover Crossing, an open-air, mixed-use project that will feature 297 multifamily units and will be anchored by an 80,000-square-foot Market Basket Supermarket. Market Basket will feature Market’s Kitchen and Café, a prepared foods department offering a variety of freshly made meals, sandwiches, salads, subs, brick oven pizza and Niji sushi. The location will also …

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DevelopmentGrocery-anchoredMassachusettsNewsRetailers

Market Basket Will Anchor 306,000-Square-Foot Mixed-Use Development in Maynard, Massachusetts

by Alex Tostado

Maynard, Mass. — Market Basket Supermarket will anchor the 306,000-square-foot Maynard Crossing mixed-use development currently under construction in Maynard, located approximately 23 miles west of Boston. The 70,000-square-foot store plans to hire 250 associates and will feature a full-service butcher and café with sandwiches, pizza and sushi. Capital Group Properties is developing Maynard Crossing, will include additional retail tenants and a 180-unit apartment complex called The Vue at Maynard Crossing. Maynard Crossing is slated for completion by the end of 2019. Additionally, Hawthorn Retirement Group is developing a 143-unit senior …

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Investment salesMassachusettsNewsRetailers

NKF Brokers $10.2 Million Sale of Retail Center in Springfield, Massachusetts

by Alex Tostado

Springfield, Mass. — Newmark Knight Frank (NKF) has brokered the $10.2 million sale of Springfield Commons, a 182,400-square-foot retail center located in the southwestern Massachusetts city of Springfield. Walmart anchors the property, which also houses tenants such as Dollar Tree and Sonic. Geoffrey Millerd, Justin Smith, Paul Penman, Samantha Torto and Robert Griffin represented the undisclosed seller and procured the buyer, Paramount Realty Services Inc.

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Grocery-anchoredInvestment salesMassachusettsNewsRetailers

Unison Realty, Argosy Real Estate Acquire 421,680-Square-Foot Shopping Center in Southern Massachusetts

by Alex Tostado

Attleboro, Mass. — A joint venture between Unison Realty Partners and Argosy Real Estate Partners has acquired Bristol Place, a 421,680-square-foot, Market Basket-anchored retail center in Attleboro. Bristol Place is situated at the interchange of Interstate 95 and Route 1A, eight miles north of downtown Providence, Rhode Island. Built in 1993 and renovated in 2013, Bristol Place is home to other tenants including Home Depot, Party City, Bob’s Discount Furniture, Hobby Lobby and T.J. Maxx. The joint venture tapped The Wilder Cos. as the property manager and leasing agent for the …

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FinanceMassachusettsNewsRetailers

Citizens Commercial Provides $435 Million Construction Loan for Boston Retail, Office Project

by Alex Tostado

Boston — Citizens Commercial Banking has provided a $435 million construction loan for a 500,000-square-foot office and retail project in Boston’s Seaport District. The new building at 111 Harbor Way will feature two floors of retail space and 15 floors of office space that Amazon will fully occupy. Construction of the project is scheduled for completion by 2021. The borrower, a partnership between locally based investment firm WS Development and Canada’s Public Sector Pension Investment Board, officially broke ground on the building May 28. The partnership is the lead developer …

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Investment salesMassachusettsNet leaseNewsRetailersTexas

Hospitality Properties Trust Buys National Net-Lease Retail Portfolio for $2.4 Billion

by Alex Tostado

Newton, Mass. And Dallas — Hospitality Properties Trust (NASDAQ: HPT) has purchased a portfolio of net-leased retail assets from Spirit MTA REIT for $2.4 billion. The portfolio consists of 774 service-oriented retail properties in 43 states that are occupied by tenants including AMC Theatres, Academy Sports + Outdoors and CarMax. The portfolio was 98 percent occupied as of March 31 and has a weighted average remaining lease term of 8.6 years. The portfolio includes all of SMTA’s owned properties held in its “Master Trust 2014” segment and excludes approximately 100 …

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Investment salesMassachusettsNewsRetailers

Linear Retail Acquires Two Buildings in Wellesley, Massachusetts for $17.6 Million

by Alex Tostado

Wellesley, Mass. — Linear Retail Properties LLC has acquired two buildings totaling 17,900 square feet in downtown Wellesley, a western suburb of Boston. The sale, which included the adjoining 60-space parking lot, closed at a price of $17.6 million. Tenants at the buildings include CVS/pharmacy, Coldwell Banker Residential Brokerage, J.P. Licks and Vision Optics. The seller was a private family trust.

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DevelopmentMassachusettsNewsRetailers

Wayfair to Open First Full-Service Store in Suburban Boston

by Alex Tostado

Natick, Mass. — Online home goods retailer Wayfair Inc. has announced plans to open its first full-service store at the Natick Mall in Natick. At the Wayfair store, service and home-design experts will be available to consult shoppers on home décor, furniture and other products. Customers can purchase an assortment of home décor products, as well as place orders for home deliveries. The location, which is slated to open this fall, will be 3,700 square feet. The Boston-based company generates roughly $7 billion in annual revenue from online purchases.

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FinanceMassachusettsNewsRetailers

Cornerstone Realty Capital Arranges $2.7 Million Acquisition Loan for Retail Building in Massachusetts

by Alex Tostado

Marlborough, Mass. — Cornerstone Realty Capital has arranged a $2.7 million acquisition loan for a 12,980-square-foot retail building in Marlborough, Massachusetts. Located in Middlesex County, the property currently houses four tenants with Starbucks Coffee as its anchor. Spaces at the property range from 1,500 to 7,466 square feet. Cornerstone delivered a fixed-rate financing structure with a 30-year amortization schedule to the undisclosed borrower. The lender was a local community bank.

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