JLL completes $19.525M sale of suburban Boston retail center
Grocery-anchored center located along busy Route 138 commercial corridor in Stoughton sold by KPR to RK Centers
BOSTON, November 5, 2019 – JLL announced today that it has closed the $19.525 million sale of a 79,300-square-foot Stop & Shop-anchored shopping center in the suburban Boston community of Stoughton, Massachusetts.
JLL represented the seller, KPR, in the transaction. The buyer, RK Centers, based in Needham, Massachusetts, is a privately held, family-owned real estate development company, which owns over 8,000,000 square feet of commercial space.
The property is anchored by a 59,987-square-foot Stop & Shop supermarket and is home to several convenience-type retailers, including Bank of America, Care Central Urgent Care and Andrade’s Liquors. Situated less than 20 miles south of Boston, the property is located at 278 Washington Street along Route 138, a busy commercial corridor with daily traffic counts exceeding 27,000 vehicles per day. Additionally, the surrounding area is densely populated with more than 142,000 residents earning an average household income of more than $107,000 within a five-mile radius of the property.
The JLL Capital Markets team representing the seller was led by Executive Vice President Nat Heald, Managing Director Chris Angelone and Vice President Jessica Dowd.
Ken Fries, Director of Acquisitions for RK Centers, said, “In the last four years, RK Centers has acquired more than 2.5 million square feet of commercial space. Our investment formula focuses on open-air, well-situated, heavy traffic locations with good demographics – and respected credit tenants.” Fries attributes the firm’s 35-year track record to its founder’s guiding principles: minimal debt and close working relationships with tenants, customers, and local and regional vendors. Acquisitions are exclusively regional shopping centers located in New England and South Florida.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About KPR
With over 15 years of real estate investment experience, KPR has a defined strategy of acquiring retail properties, with a primary focus on grocery-anchored shopping centers and power villages, within well-located East Coast submarkets. The company is a vertically integrated investor with in-house leasing, management and development operations tailored to maximize value through proactive leasing, repositioning and redevelopment of its properties. Established in Boston in 2003, KPR has since expanded its footprint in 14 states within the greater New England, New York State, Mid-Atlantic and Southeast submarkets. Its successful track record of strategic acquisitions and dispositions has led the company to transactions and trusted partnerships with public REITs, institutions, private equity groups and family offices.
About RK Centers
RK Centers is a privately held, family-owned real estate development company, which owns over 8,000,000 square feet of commercial space. RK Centers acquires, develops, and operates prime “open air” regional and community shopping centers in New England and South Florida. With a stable business model utilizing a minimal amount of leverage, the company is poised to acquire additional properties as it continues to grow its portfolio. The company typically closes on acquisitions in less than 30 days with its own funds, thereby eliminating the need to obtain financing. With over 35 years of experience in real estate, RK Centers has a proven track record of success with tenants, customers and the communities in which it operates. All of RK Centers’ leasing and management functions are performed in-house by experienced company staff.