ATTLEBORO – Bristol Place, a massive shopping center in Attleboro next to the town’s border with Pawtucket, was sold recently for $70.5 million by Unison Realty Partners to real estate development company RK Centers.
The 415,000-square-foot shopping center is located at 1200 Newport Ave. in Attleboro, at the intersection of Interstate 95 and Route 1, and it is anchored by Market Basket Supermarket and The Home Depot.
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The Bristol Place complex is connected by an underpass to the South Attleboro Commuter Rail station across the street, which was shut down in February 2021 over safety concerns, with demolition and construction still ongoing to restore service.
The sale of the property was announced by CBRE Group Inc., which represented Unison in the transaction.
“The Bristol Place bidding process was extremely competitive,” said Nat Heald, executive vice president for capital markets at CBRE. “Our sales process underlines the fact that quality retail is in high demand and that for the best retail centers, today’s capital markets are highly functioning. … Bristol Place is the dominant grocery and home-improvement anchored shopping center in a broad regional trade area and distinguishes itself from competitors by its exceptional tenant performance, best-in-class tenancy and its high-profile location.”
In addition to Market Basket and The Home Depot, Bristol Place includes other key tenants such as a T.J. Maxx department store, Burlington department store, Hobby Lobby and Bob’s Discount Furniture. At least 10,000 square feet of space remains available for lease within Bristol Place, according to the RK Centers website for the property.
“We’re thrilled to add Bristol Place to our portfolio. The property’s high-visibility location, outstanding tenant performance and compelling tenant mix made Bristol an excellent fit for our growth plans,” said Ken Fries, vice president for leasing development and acquisitions at RK Centers, which is based in Needham, Mass.
The Bristol Place shopping center ranks in the top 3% of most-visited shopping centers in New England. It’s also in the top 5% of most-visited shopping centers in the country, according to CBRE.
About four years ago, the shopping center was sold for $57 million, according to Marcus & Millichap, which represented the seller in the 2019 transaction. In that transaction, the shopping center was sold by Joseph Rando and Peter Bassett to Unison Realty Partners as part of a real estate holding company called Bristol Place Limited Partners, according to The Sun Chronicle.
The shopping center was originally constructed in 1993 on 45 acres of land, and was later renovated in 2013, according to CBRE.
The property is currently valued by Attleboro assessors as being worth $57.2 million, according to the town’s online property tax evaluation database. $23.9 million of the estimated value of the property is attributed to the 38.2 acres of land comprising the shopping center, while $31.1 million is attributed to the buildings and $1.7 million is attributed to outbuildings.
The property tax evaluation database also states that the property is being held by a limited liability company connected to RK Centers named RK Attleboro LLC.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
