The original owners of the 150,000-square-foot Fellsway Plaza recently sold the property.
Berenson Associates of Boston, which has owned the property near Wellington Circle since stores first went up there in the 1950s, sold it to Charter Realty & Development Corp., a real estate investment and development company, and Regency Centers Corporation, another real estate company, that specializes in “grocery-anchored” shopping centers.
The two large real estate companies teamed up to buy the property in a joint venture. Charter Realty & Development, which will be responsible for the property’s development, property management and leasing, is based in Rye Brook, N.Y., Regency Centers in Jacksonville, Fla.
The new owners are planning to update the building’s aesthetics and “reinvigorate the property’s tenant mix,” according to a Thursday release from their marketing firm. They’re also planning to build a new satellite building along the property’s frontage. Construction on this building will begin in the spring, according to the release.
The property already has a Stop & Shop at 760 Fellsway.
We hope to have the price of the sale soon.
Do you think Fellsway Plaza is in need of a facelift?