Charter Realty and Regency acquire Fellsway Plaza
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.
JLL: Metro Seattle job market drives mixed-use sale
Seattle — Jones Lang LaSalle’s Capital Markets group has announced the sale of Slater 116, a mixed-use property in Kirkland, a Seattle suburb. The property features 108 apartments and more than 10,000 sq. ft. of ground floor retail space. Essex Property Trust bought the recently completed property from Mainstreet Property Group for $29.6 million.
Slater 116 is in a prime location that provides residents with quick access to some of the most popular areas in metro Seattle’s Eastside, including Downtown Kirkland, Downtown Bellevue, Redmond and the Woodinville wine country. The property is near the campuses of many of the Seattle area’s major employers — such as Boeing, Microsoft, Google and Evergreen Hospital — and is located in a strong submarket. Kirkland’s estimated average household income is $101,164, and its apartment vacancy rate is just 4.2%.
“When you combine the thriving job market of the surrounding area, the great demographics and the low apartment vacancy rates of Kirkland, it’s easy to see why this was such a desirable property in the marketplace,” said JLL managing director David Young. “Gen Y workers in the area are fueling demand for newly constructed multifamily units that offer best-in-class amenities at premium rents.”
Mid-America Sells Indianapolis Family Dollar
Indianapolis — Mid-America Real Estate Corp.’s Net Lease Investment Group recently brokered the sale of an 8,320-sq.-ft. Family Dollar in Indianapolis. An investment fund in Texas purchased the property from a private developer for $1.142 million, which is a 7.5% cap rate. The building is leased to Family dollar for 10 years.
The newly constructed Family Dollar is in the Lawrence Commons shopping center anchored by LA Fitness.
Mid-America in cooperation with Mid-America Real Estate — Indiana LLC represented the seller in the transaction.