Stewart of David Cronheim Mtge. Corp. arranges $42.8m sale of Super Wal-Mart

Andrew Stewart of David Cronheim Mortgage Corp. has arranged the sale of the Super Wal-Mart leased parcel at Republic Plaza, a 249,842 s/f shopping center. The purchase price was $42,857,142. The subject property is a 216,519 s/f Wal-Mart store that is within a shopping center that also includes Panera Bread, GameStop, Maggie Moos, Chipotle and Sleepy's. Pad sites count Chili's, Houlihan's, and Bank of America as tenants. The original plans called for Wal-Mart and an additional anchor store. After several years of negotiations with the town for approvals and subsequently various retail tenants, Wal-Mart agreed to increase the size of their original 157,191 s/f store by an additional 59,328 s/f. The entire shopping center encompasses 25 acres and was formerly the Polytechnic University campus on Rte. 110, just south of Republic Airport. According to Andrew Stewart, "The developer, Poly-Jaz Realty, did an outstanding job navigating their way through numerous obstacles of all kinds, including regulatory, municipal, engineering and legal in order to deliver Wal-Mart a prime location for a store that is sure to succeed for many years to come."