Continues Growth with Purchase of 57.970 SF Plaza for $8,650,000
NEEDHAM, MASS. (Issued June 10, 2020) — Continuing an impressive period of growth, Ken Fries, RK Centers’ Director of Acquisitions, has announced the acquisition of a landmark retail property located at 225-235 Boston Post Road (Rte. 20) in Marlborough, Massachusetts.
RK Centers paid $8,650,000 for the 57,970 square foot plaza. Located on Route 20 (just West of I-495), the purchase marks a strategic acquisition as it will facilitate the expansion of the adjacent RK Center, which opened in 1995 after a comprehensive re-development, and is anchored by Hannaford Supermarket.
The new acquisition has been renamed RK Center II and is currently home to Chipotle Mexican Grill, Great Clips, Mattress Firm, Subway, and Sullivan Tire. Up to 17,326 square feet of subdividable in-line space is available for lease and there are plans for a proposed 7,500 square foot out-parcel.
The Route 20 daily traffic count is approximately 37,000 vehicles and nearby I-495 carries 92,000 vehicles per day. The trade area’s daytime population swells as a result of eight million square feet of office space with minimal retail competition. Within a three-mile radius are 35,000 residents with an average household income of nearly $123,000. Regional traffic is further enhanced by the Apex Entertainment Center, the New England Sports Center (the largest ice sports venue in North America), the Royal Plaza Trade Center, and numerous hotels. .
The purchase of 225-235 Boston Post Road marks another acquisition following an exceptionally productive 2019, when the company invested just under $100 million, buying seven new properties totaling nearly 500,000 square feet.
About RK Centers: RK Centers is a privately held family-owned real estate development company which owns and manages over 9 million square feet of commercial retail space, primarily ‘open air’ regional and community shopping centers in New England and South Florida. With a minimal amount of leverage, the company closes on acquisitions within 30 days with its own funds. With over 35 years of experience in real estate, RK Centers has a proven track-record of success with tenants, customers, and communities with all leasing and management functions performed in-house. For company and property information, visit www.rkcenters.com
–By Stan Hurwitz / stanhurwitz@gmail.com
ATTN, Editor: For more info, contact Ken Fries, RK Centers Director of Acquisitions
Contact: Kevin Belmont, Vice President, Operations — kbelmont@rkcenters.com / 781.320.0001
