RK Centers Continues Growth with Acquisition of Stop & Shop Plaza in Malden, MA
RK Centers Continues Growth with Acquisition of Stop & Shop Plaza in Malden, MA
80,506 SF Retail Site on 8.9 Acres Sells for $26,275.000
NEEDHAM, MASS. – RK Centers, the growing privately held, family-owned real estate development company based in Needham, MA, continued its commercial property shopping spree with its acquisition of the Stop & Shop plaza at 99 Charles Street in Malden. The purchase price was $26,275,000.
RK Center – Malden, five miles from downtown Boston and two miles from I-93 and Route 1, consists of the 80,506 square-foot supermarket set on 8.9 acres with parking for 594 vehicles.
The announcement was made by Kenneth Fries, RK Centers’ VP of Development and Acquisitions, representing the buyer, R. K. Malden, LLC, and by Justin Smith, Head of Capital Markets at Atlantic Capital Partners, representing seller Orion Malden Shop LLC.
The site has a trade area of nearly 50,000 people within a three-mile radius with average household income of almost $110,000. Some 13,000 vehicles pass the site daily. Located a short distance from the MBTA station, the adjacent space on the property is ideal for multifamily development.
Source: nerej.com
Issue: October 17, 2024
