SHAW’S SHOPPING PLAZA SOLD
RK Centers acquires two retail properties totaling $41.6 million – including 114,244 s/f Walmart Supercenter at 770 Broadway, Saugus, MA
Medfield, MA The steady growth of RK Centers of Needham, Mass.continues with the company’s December acquisitions of two landmark retail centers: the 87,614 s/f plaza formerly known as The Medfield Shops – rebranded as RK Medfield Shops – on Rte. 109 (230 Main St.) in Medfield, and the 114,244 s/f Walmart Supercenter at 770 Broadway (Rte. 1) in Saugus.
RK Centers paid $17.5 million for RK Medfield Shops, and $24.1 million for the Walmart Supercenter, according to Ken Fries, director of acquisitions for RK Centers. In the last three years, RK Centers has acquired a total of 2.15 million s/f.
The seller of the Medfield property was OCW Retail Medfield, LLC (O’Connor Group). Brokers in the transaction were Geoffrey Millerd, Justin Smith, and Christian Brannelly of Newmark Grubb Knight Frank’s NGKF Capital Markets of Boston. The seller of the Walmart Supercenter was WS Saugus Properties LLC. The brokers for the transaction were Nat Heald, executive VP, and Chris Angelone, managing director of Jones Lang LaSalle / N. E. Capital Markets.
With the exception of an inline ATM, RK Medfield Shops is 100% leased. The center is anchored by Shaw’s Supermarket and Marshalls and features the Blue Moon Bagel Café, Jaie 3 Salon & Spa, and Fitness Together.
The Walmart Supercenter property, built in 2014, is entirely occupied by Walmart and serves over 400,000 residents within a five-mile radius.
Fries said, “These acquisitions nicely fit our portfolio profile: Open-air, well-situated, heavy traffic locations with good demographics – and well-known tenants.”