News: Retail
Posted: October 25, 2024
RK Centers obtains Stop & Shop plaza
for $26.275m - 80,506 s/f on 8.9 acres
Malden, MA RK Centers, the growing privately held, family-owned real estate development company, has acquired the Stop & Shop plaza at 99 Charles St. The purchase price was $26.275 million.
Five miles from downtown Boston and two miles from I-93 and Rte. 1, consists of the 80,506 s/f supermarket set on 8.9 acres with parking for 594 vehicles.
Kenneth Fries, RK Centers’ VP of development and acquisitions, represented the buyer, R.K. Malden, LLC, and 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.
Tags:
Retail
MORE FROM Retail
Retail
McEvoy of Conrad Group facilitates $9.5m sale of Sterling Plaza
Randolph, MA Sterling Trust has sold its Sterling Plaza neighborhood retail site located at 45 Mazzeo Dr. to The Shops at Randolph, LLC. The property is home to several restaurants, including the West End Grill, The Well, Outback Steakhouse and It’s Game Time Sportsbar.
Quick Hits
Columns and Thought Leadership
Reimagining retail for the downtown - by Carol Todreas
Before COVID-19, downtown retail had been sliding downwards. A few restaurants and stores were hanging on, but the trajectory was headed south. Now with post- COVID-19 lifestyle changes, old-style retail anywhere has lost its market appeal.
Placemaking and retail in 2024 - by Carol Todreas
Placemaking. That is the word for 2024. While the concept has historical precedence in urban development, it became part of our current culture in the 1960’s when urbanists started to think about cities for people, not just cars.
Keeping the “there” there - by Carol Todreas
New zoning is a big topic for many communities. Whether it is to comply with the 2021 MBTA legislation calling for more multi-family housing in locales with access to T stations or to address other pressures from public-private entities, zoning for multi-family housing is believed to be a major part of the solution to the housing crisis.
Village centers and local retail: What the market wants - by Carol Todreas
Good news! Brick and mortar is alive and well. Many malls are coming back. Americans are flocking to Europe to walk, shop, eat, and enjoy much needed vacations. Visitors return and talk about the pleasures of walking and shopping in local shops in cities and towns all over Europe.