WESTERLY, R.I., Jan. 15, 2015 (GLOBE NEWSWIRE) -- Washington Trust's Commercial Real Estate Group recently provided $6.825 million to Cross Keys MZL, LLC to finance the acquisition of a multi-tenant grocery anchored retail shopping center in Sicklersville, NJ, just 15 miles south of Philadelphia. The center is made up of twelve separate units anchored by an Acme Market.
The property, developed in 2003, is comprised of a one-story, 12-unit commercial building with more than 88,000 square-feet of space, four stand-alone buildings totaling more than 19,000 square-feet of space and two undeveloped pad sites. Acme Market occupies more than 57,000 square-feet of space in the center with Hallmark, Dollar Tree and other businesses occupying additional space. Located within the major retail corridor of Gloucester Township, one of Southern New Jersey's fastest growing townships, the center is well positioned to benefit from area growth and its close proximity to Philadelphia.
"Being so close to the Atlantic City Expressway and the Philadelphia suburbs, Gloucester Township is a prospering location for retail development," said Joseph J. MarcAurele, Washington Trust Chairman and Chief Executive Officer.
Washington Trust's Commercial Real Estate Group provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects. For more information, contact Timothy M. Pickering, Senior Vice President, Commercial Real Estate Group, at 401-348-1482 or 800-475-2265 ext. 1482.
ABOUT WASHINGTON TRUST
Founded in 1800, Washington Trust is one of New England's premier financial services companies, providing commercial banking, personal banking, mortgage banking, and wealth management services to individuals and institutions throughout the region. Our Commercial Banking Group offers a full line of commercial and industrial lending, commercial real estate, and cash management services to borrowers throughout the Northeast. Our team of experienced professionals are dedicated to providing customized, comprehensive financing and personalized services. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (Nasdaq:WASH).
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Source:The Washington Trust Company