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PEMBROKE, MA-Great Island secured a $1 million first mortgage for its purchase of Lambert’s Plaza, a 14,105-sf strip mall on Old Church St. The purchase marks the last piece of the company’s plan to acquire the whole area of this interchange.

Executive VP David M. Douvadjian and assistant VP Thomas F. Welch of Meredith & Grew’s Finance and Capital Markets Group procured the loan from a Massachusetts community bank.

The one-story mall is located at Exit 12 off Route 3 on the borders of Pembroke, Hanover and Marshfield. The property is currently 100% leased with tenants including Blockbuster and H&R Block. It is surrounded by the 30,200-sf Brigantine Village that Great Island purchased this past August. The two malls sit on a 19-acre parcel.

The company is currently in the permitting phase to build a Lowe’s Home Improvement Center on excess land behind the village. The store would be over 100,000 sf and the company anticipates that it will make the village more attractive to a wider range of tenants.

Great Island also owns the North River Plaza, which is located across the street from the two malls.

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