The Blue Star Shopping Center is moving forward with its large-scale redevelopment after G.S. Wilcox & Co. secured a $26 million financing deal. The funding, arranged by Principal David Fryer, will support the multi-phase project aimed at revitalizing the 420,000-square-foot retail center.
The first phase of the redevelopment is already complete, highlighted by the opening of a new, expanded 72,000-square-foot ShopRite that now serves as the center’s anchor. With this success, the project is now entering its second phase.
Phase II is set to transform the former ShopRite space to accommodate new tenants. Planned additions include a Burlington store and the relocation of an existing Marshalls within the center. Other recent additions to the property’s tenant mix include Planet Fitness, KidStrong, Five Below, and Taco Bell.
“We are pleased to have arranged this financing for our longstanding client and to once again deliver certainty of execution through one of our life insurance company relationships,” David Fryer of G.S. Wilcox & Co. said.
The financing, provided by a life insurance company, features full-term, interest-only payments on what G.S. Wilcox & Co. described as “highly attractive terms.” This deal reinforces the firm’s role as a leader in commercial real estate financing.
