The purchase will allow Stop & Shop to expand its store which it says will be "in conformity with the company's standard new superstore concept." The expansion of the store involves an additional 12,000 sf.
The existing Shop & Shop store occupies 46,627 sf of a total building of 60,356 sf, which was built in the late 1980's. It is located on a nearly five-acre parcel. Coincident with the loan closing, Enon Street Realty received title to a 6,000-sf parcel of adjacent land which was owned by Enon LLC, a firm that owns the adjacent Commodore Plaza.
The fixed-rate mortgage has a 10-year maturity with a 30-year amortization, and is priced at a fixed interest rate spread over the 10-Year US Treasury Bond Index. The mortgage is non-recourse to the borrower.
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