RPT Realty to Acquire Dedham Shopping Center for $132M
RPT Realty, through its grocery-anchor focused joint venture platform R2G Venture LLC, has announced plans to acquire the Dedham shopping center located in the Boston market for a price of $131.5 million.
Dedham is a 510,000-square-foot grocery-anchored shopping center located in an affluent and densely populated infill location inside the 128 loop (Interstate 95). The property is currently 92% occupied and anchored by a Stop and Shop grocery store. The center is also shadow anchored by Lowe’s and is home to a mix of retailers including T.J. Maxx, Dick’s Sporting Goods, Starbucks and Chipotle. The acquisition is expected to close in the fourth quarter of 2021.
“We continue to drive the dramatic transformation of our portfolio, highlighted by our expected acquisition of Dedham in the Boston market,” said Brian Harper, CEO at RPT Realty. “The power of our strategic joint ventures coupled with our wholly owned platform have positioned RPT to quickly redeploy $500 million of capital into highly sought after top national markets, which we expect will allow for accelerated and accretive earnings growth in 2021 and 2022.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.