The loan agreement was reached with NorthMarq Capital's Boston regional office. The plaza, one of Pembroke's few shopping areas, is anchored by a Super Stop & Shop grocery and a Kohl's department store. Staples is set to move into the plaza next year to bring occupancy to about 100%, Carl Koebler , an analyst with NorthMarq, tells GlobeSt.com.
Built in the 1980s, the plaza's other tenants include a KaBloom flower store, a UPS Store, Strawberries Music, Payless Shoes, Dress Barn, Olympia Sports and Papa Gino's. NorthMarq vice president Debbie Orloff, who arranged the loan through NorthMarq's correspondent, Lehman Brothers, tells GlobeSt.com that a portion of the loan proceeds will be used to construct Staples along with a restaurant pad site that will be located on the property. Because of the property's "pristine" condition, the capitalization rate on the loan was below 7 %, she adds.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.