Stop & Shop building is sold for $7.2 million
CHELMSFORD — The standalone building housing the Stop & Shop supermarket at 299 Chelmsford St. (Route 110) was sold for $7.2 million last month.
RK Centers, which has offices in Needham and Florida, acquired the 72,220-square-foot structure that is adjacent to Route 3. A company official said that access, as well as to I-495 a short distance away, were key factors in the decision to buy the property.
“We really like the long-term fundamentals of the property, given the regional access and the demographic profile within the trade area,” David Katz, principal of RK Centers, told the New England Real Estate Journal.
The sale closed on June 15, according to the Middlesex North Registry of Deeds. It was brokered by NGKF Capital Markets.
The seller was CRRT, LLC, with the co-owner listed as Stop & Shop, according to the Town of Chelmsford’s website. Those parties acquired the property for $3 million in 1998, according to real-estate records.
299 Chelmsford St. is the former site of the old Chelmsford Cinema. The Stop & Shop building was built in 2011, as the grocery store moved its operations form a much smaller location downtown.
The property is assessed at a little more than $7.9 million, according to Town of Chelmsford assessor records.
Quincy-based Stop & Shop is owned by one of the world’s largest food retailers, Dutch-based Ahold.
Source: lowellsun.com
Issue Date: July 11, 2016
