NEEDHAM, MA – May 2, 2017 – RK Centers has acquired RK Brown’s Lane (formerly Brown’s Lane), a 75,000 square foot shopping center in Middletown, Rhode Island from RPAI (Retail Properties of America, Inc.) for $10,575,000. The sale was brokered by Nat Heald and Chris Angelone of JLL Capital Markets.
The property has excellent access and visibility at a signalized intersection. It is located on Route 114 which serves as the main thoroughfare in the Middletown / Newport trade area. The property is anchored by Stop & Shop which has been operating at the location for over 30 years. Other national tenants include GNC and Sprint.
The property is located across the street from RK Middletown Square which was acquired by RK Centers in April 2015. The strong tenant roster includes Barnes & Noble, Ulta Beauty, Michaels, and Petco.
Ken Fries, Director of Acquisitions at RK Centers, commented that “It (Middletown) is a market we know extremely well. With this purchase, we now own four centers within this dynamic trade area totaling 541,575 square feet. We believe that our operating efficiencies will serve us well going forward.”
RK Centers has been active with its acquisition program in New England, purchasing 16 properties totaling approximately 1,675,000 SF over the past 24 months.
RK Centers is a privately held, family-owned real estate development company, which currently 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.
RK Centers is seeking qualified restaurant and retail operators in the Middletown/Newport area for up to 10,000 SF.