REIT Makes First Bay State Buy With $104M Wegmans Shopping Center Deal

A New York-based retail real estate investment trust is stepping into Massachusetts with its pending acquisition of a 646K SF, Wegmans-anchored shopping center.
RPT Realty has entered into a purchase agreement with Regency Centers to secure the Northborough Crossing shopping center for $104M, it announced in its first-quarter earnings report this week. The development is anchored by the 138K SF Wegmans and is 95% leased, RPT said.
Northborough Crossing also has a BJ’s Wholesale Club, TJ Maxx and Kohl’s among its tenant roster and is adjacent to a 380-residential unit AvalonBay Communities complex, RPT said. The REIT said the property has an average household income of $148K within a…

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