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RPT Realty Acquires Northborough Retail Center for $104M
Owner and operator of open-air shopping centers RPT Realty has acquired Northborough Crossing, an open-air grocery-anchored shopping center in Northborough, MASS. The sales price was $104 million.
Located off Route 9 and Route 20, the center is home to the first Wegmans in Massachusetts along with other major retailers including BJ’s Wholesale Club, Dick’s Sporting Goods, TJ Maxx, Old Navy, Kohl’s and PetSmart. Additional tenants include ULTA Beauty, F45 Training, The Paper Store, Kumar’s Indian Kitchen and Starbucks. RPT Realty plans to sell sub-divided net lease components from the center to RGMZ that are expected to enhance the effective yield on the retained multi-tenant center.
The company also recently closed on the acquisition of Village Shoppes of Canton, a retail center in Canton, MASS. for $61.5 million as well as the acquisition of Bedford Marketplace, a retail center in Bedford, MASS for $54.5 million. The sellers were not disclosed.
- ◦Sale/Acquisition