Banker & Tradesman | By Steve Adams
October 11, 2016
Wegmans has signed a 25-year lease for a new supermarket at Medford’s Meadow Glen Mall, which would become the Rochester, New York-based grocery chain’s seventh Bay State location.
Boston-based New England Development demolished the interior mall space earlier this year to make way for the new anchor tenant, which will join existing retailers Marshall’s and Kohl’s at the Mystic Valley Parkway property.
New England Development and developer Steve Weiner acquired the property in 1994. Occupancy for the in-line stores in the 300,000-square-foot mall built in 1979 had declined in recent years, with a mix of national chains and independent shops occupying the remaining storefronts.
Kohl’s signed an amended lease in April giving back 35,000 square feet of space. In July, Citizens Bank provided $10 million in construction financing to landlord Medford Assoc. LLC. Plans filed with the Middlesex County Registry of Deeds show five storefronts in the redeveloped property.