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Fellsway Plaza is a 151,725 square foot grocery-anchored shopping center located in the Boston suburb of Medford. The Plaza was originally owned prior to Zelco Properties and Development’s acquisition and was partially occupied by a 45,000 square foot CW Price department store, which presented challenges in upgrading the center.
Shortly after the acquisition, we successfully bought out the 45,000 square foot CW Price department store lease and replaced it with a Planet Fitness and Paper Store, securing significantly higher rents. Additionally, an outparcel area was redeveloped, featuring a new satellite building accommodating three fast-casual restaurants, further enhancing the center’s vibrancy.
Fellsway Plaza underwent a comprehensive façade overhaul, delivering a modernized appearance and providing tenants with increased signage opportunities. Simultaneously, we improved the common areas, contributing to the property’s refreshed and inviting look.