NEEDHAM, MASS. (Issued January 2020) — RK Centers, the privately-held, family-owned Needham-based real estate development company, continued to dramatically grow its New England retail portfolio with the recent acquisition of two high-visibility landmarks along the desirable Highland Avenue/Needham Street retail corridor on the Needham-Newton (Mass.) line. The combined purchase price for both properties was $7,075,000.
Making the announcement were Ken Fries, Director of Leasing, Acquisitions and Development for RK Centers, and Brandon Dickason, Vice President of Avison Young Commercial Real Estate, who represented the seller, Terrazzino Investment Trust.
The property at 238 Highland Ave, in Needham, which consists of 15,609 SF, is home to the Needham Montessori School, Mandarin Cuisine Restaurant (photo) and Needham Nail & Spa.
At 106 Needham St., in Newton, consisting of 3,588 SF, the sole tenant is Gym Source, the country’s largest distributor of residential and commercial fitness equipment.
The Highland Avenue/Needham Street corridor boasts a high-density population with over 265,000 residents within a 5-mile radius, and average household income of approximately $150,000.
RK’s growth continued during 2019 when the company invested just under $100 million, buying seven new properties totaling just under 500,000 square feet.
