The loan was arranged by Legg Mason Real Estate Services/Spectrum Financial executives, Joseph Hegenbart and Stanley Sidel. The financing was provided by the John Hancock Life Insurance Company for which Legg Mason acts as loan correspondent.
The 59,919-sf supermarket was developed and built by Tedeschi Realty and the property is owned by an affiliated entity, Tedeschi Norwell LLC. The building has an 11,300-sf mezzanine for a total of 70,819 sf of space. The facility is situated on nearly 16 acres.
This supermarket incorporates the Stop & Shop super store concept, which includes a pharmacy, Citizens Bank and a Dunkin Donut shop on premises. In 2001, it was reported that the Stop & Shop Supermarket Company, a subsidiary of Koninklijke Ahold, n.v. a worldwide supermarket retailer, has the largest market share--at 23.69%--in New England with 98 stores and $7.1 billion in supermarket chain sales.
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