RK Centers buys North Reading Plaza for $11.6m, Cushman & Wakefield says
Great Island Development has sold North Reading Plaza, a shopping center anchored by a Walmart, to RK Centers for $11.6 million, said a broker involved in the transaction.
The broker is Cushman & Wakefield, which represented Great Island Development in the sale.
With nearly 154,000 square feet of retail space, North Reading Plaza is 98 percent leased; tenants include a Marshalls and a Dollar Tree, Cushman & Wakefield said. North Reading Plaza has extensive frontage along Route 28, which is also known as Main Street, a highly visible retail destination with daily traffic counts of more than 16,600 vehicles per day, the firm added.
“Competition for well located assets in Metro Boston that have exceptional tenancy like that of North Reading Plaza provides tremendous upside for investors given the strength of the market fundamentals,” Geoffrey Millerd of Cushman & Wakefield said in a statement.
RK Centers, a privately held family owned real estate development company headquartered in Dedham, said it has recently purchased $56.7 million worth of retail properties in Massachusetts.
Those transactions include a $37.3 million purchase of Pembroke North River Plaza, a shopping complex whose tenants include a Kohl’s, a Stop & Shop, and a Staples; another $5.5 million transaction was for Pembroke Brigantine Village, RK Centers said.Chris Reidy can be reached at firstname.lastname@example.org.