Whole Foods site lease refinanced
Published 9:26 am, Saturday, April 5, 2014
Darien Hospitality Group LLC recently refinanced with Washington Trust the ground lease for more than five acres at 150-152 Ledge Road, Darien, the site of Whole Foods Market.
Washington Trust's Commercial Real Estate Group provided $1.5 million in financing.
Whole Foods Market, a seller of natural and organic foods, is a publicly traded Fortune 500 company. It is the eighth-largest public grocery store chain.
The 50,000-square-foot Whole Foods Market site is the single tenant.
The property is located off Exit 11 of Interstate 95, with frontage on the busy Boston Post Road. Darien Hospitality Group LLC acquired the property in 1994, and it was run as a Howard Johnson Hotel until Whole Foods Market executed its lease in 2008.
"Whole Foods is a strong, trend-setting brand in their industry, and the Darien location provides an ideal center of visibility for the market," Joseph J. MarcAurele, Washington Trust chairman, president and CEO, said.
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 multimillion-dollar projects.