WashTrust finances North Andover shopping center for $20.7M

WESTERLY – Washington Trust Commercial Real Estate has provided $20.7 million to finance a shopping center in North Andover, Mass., that was recently acquired by a new owner.
The center, Eaglewood Shops, is a 77,558-square-foot shopping area at 175 Turnpike St., North Andover, and it’s anchored by a Staples Inc. outlet.
Burlington, Mass.,-based Linear Retail Properties LLC acquired the shopping corridor in June 2015, according to a press release.
“We are very happy to be able to continue to work with our longtime client Linear Retail,” said Julia Ann M. Slom, senior vice president of Washington Trust Commercial Real Estate, a subsidiary of Washington Trust Bancorp. “This strategically placed center has a good mix of strong tenants that draws a large and diverse shopper mix from the surrounding communities.”
The center is fully leased, according to a press release, and includes tenants such as Burton’s Grill, Pier 1 Imports, Jos. A. Bank, Chipotle and more. The center was built in 2005 and runs alongside Route 114.
As of June 30, Washington Trust Bancorp reported $36 billion in assets. It’s the third-largest bank in Rhode Island by deposits, with 9.6 percent of the market share, according to the Federal Deposit Insurance Corp.

No posts to display