RK Centers Acquires Landmark Stop & Shop Retail Plaza for $23MDecember 10, 2020
NEEDHAM – Continuing its aggressive retail property acquisition push, RK Centers based in Needham, MA, has completed the purchase of the landmark shopping plaza anchored by a Super Stop & Shop on Route 126 (235 Old Connecticut Path) in Framingham, Mass., just off the Massachusetts Turnpike at Exit 13.
The purchase price of the 80,000 square foot center was $23 million. Making the announcement was Ken Fries, RK Centers’ Director of Acquisitions. The acquiring entity is RK Center II. The seller was a joint venture overseen by Regency Centers (Equity One JV Sub CT Path LLC ), and represented by broker Geoffrey Millerd of Newmark Knight Frank.
The acquisition follows RK Centers’ recent purchase of 400 Cochituate Rd., which consists of approximately 178,000 square feet along Route 30. Except for Target, RK owns that portion of the plaza that includes Home Goods, Panera, and Game Stop. RK Centers now owns about 1.2 million square feet of retail space within 12 miles in the high-volume, high-income Framingham-Natick market. Within a five-mile radius of the latest purchase, there are 145,000 residents with an average household income of $148,000. Shoppers World and Natick Mall are nearby shopping meccas.
During the past 18 months, RK has completed over $114 million in acquisitions, investing in eight new properties totaling just under 410,000 square feet, primarily ‘open air’ regional and community shopping centers in South Florida and New England.