RPT Realty Buys Off-Market Portsmouth Shopping Center for $104M
RPT Realty has acquired The Crossings shopping center in the Portsmouth, NH submarket of Newington in an off-market deal for a contract price of $104 million.
A JLL team of Dave Monahan, and Chris Angelone, Nat Heald, Cameron Pittman and Zach Nitsche advised the seller.
The Crossings is a 510,000-square-foot open-air center. It is 95% occupied and is dual anchored by Trader Joe’s and Aldi. The center features an attractive tenant lineup that includes investment-grade rated Dick’s, Best Buy, Kohl’s and McDonald’s.
The current tenants have an average tenure of 22 years. Tenant sales productivity is driven by three-mile incomes of $114,000, vehicle traffic of 54,000 per day, no state sales tax, consistent year-round tourism demand and a true trade area of over 250,000.
“The acquisition of The Crossings continues our trend of identifying off-market opportunities at accretive day one returns that are further enhanced through the sale of parcels to our net lease platform, allowing us to hit our target 8%-10% unlevered IRRs,” said Brian Harper, RPT Realty president and CEO.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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