RK Centers Acquires 75,000 SF Stop & Shop Anchored Center in Middletown, RI

Issued: 5/2/2017

RK Centers Acquires 75,000 SF Stop & Shop Anchored Center in Middletown, RI

NEEDHAM, MA – May 2, 2017 – RK Centers has acquired RK Brown’s Lane (formerly Brown’s Lane), a 75,000 square foot shopping center in Middletown, Rhode Island from RPAI (Retail Properties of America, Inc.)  for $10,575,000. The sale was brokered by Nat Heald and Chris Angelone of JLL Capital Markets.

 

The property has excellent access and visibility at a signalized intersection. It is located on Route 114 which serves as the main thoroughfare in the Middletwon / Newport trade area.  The property is anchored by Stop & Shop which has been operating at the location for over 30 years. Other national tenants include GNC and Sprint.

 

The property is located across the street from RK Middletown Square which was acquired by RK Centers in April 2015. The strong tenant roster includes Barnes & Noble, Ulta Beauty, Michaels, and Petco.

 

Ken Fries, Director of Acquisitions at RK Centers, commented that “It (Middletown) is a market we know extremely well. With this purchase, we now own four centers within this dynamic trade area totaling 541,575 square feet. We believe that our operating efficiencies will serve us well going forward.”

 

RK Centers has been active with its acquisition program in New England, purchasing 16 properties totaling approximately 1,675,000 SF over the past 24 months.