Medford, Mass. — A joint venture between Charter Realty & Development Corp. and Regency Centers Corporation has acquired Fellsway Plaza in Medford, Mass. The joint venture acquired the 150,000-sq.-ft. neighborhood center, anchored by a recently constructed Stop & Shop, from Berenson Associates of Boston. PNC Bank provided permanent and development financing. Commercial Property Group represented the joint venture in the transaction.
“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.
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. 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.