Grossman Development Group (GDG) has signed Old Navy to a long-term lease at JFK Plaza in Waterville, ME. The property has undergone a significant redevelopment over the past three years through property improvements and leasing activity. Old Navy is the newest lease at the shopping center with additional announcements planned for Q1 2023.
“The addition of Old Navy solidifies JFK Plaza as the dominant center in the market, providing both essential and discretionary retail alongside a very popular Hannaford supermarket,” said Jeremy Grossman, principal of Grossman Development Group. “We look forward to filling the remaining space with complementary uses and delivering even more value and an improved retail experience to the community.”
The new 12,500 SF Old Navy will be the first location for the popular retailer in the Waterville area. Peter Belsito of Strategic Retail Advisors represented Old Navy in the transaction.
GDG with its partners, The New Haven Group/WI Waterville, LLC, acquired the 151,000 SF shopping center in 2019 and has invested almost $4M in the redevelopment including new facades, parking lot, roofs and other center improvements. The property is now owned by Winter Street Partners, with GDG continuing to handle leasing and construction management.
JFK Plaza is positioned less than one mile off Interstate 95 along the heavily traveled Route 11 corridor in Waterville. The center is tenanted with popular national retailers including T.J. Maxx, Tractor Supply, and JOANN, alongside one of the region’s strongest grocery anchors, Hannaford Supermarket.
ABOUT OLD NAVY
Old Navy is a global apparel and accessories brand that makes current American essentials accessible to every family. Originated in 1994, the brand celebrates the democracy of style through on-trend, playfully optimistic, affordable and high-quality products. A division of San Francisco-based Gap Inc. (NYSE: GPS), Old Navy brings a fun, energizing shopping environment to its customers in more than 1,200 stores around the world. For more information, please visit www.oldnavy.com.
ABOUT GROSSMAN DEVELOPMENT GROUP:
Grossman Development Group, LLC (GDG) specializes in retail and mixed-use development, redevelopment and acquisition, with projects throughout New England and in the state of Montana. Led by industry veterans Howard Grossman and Jeremy Grossman, the firm is well-known for retail excellence and community engagement. For more information, please visit www.grossmanre.com.
