BOSTON – NGKF Capital Markets has completed the sale of Hannaford | Bedford, NH in Bedford, New Hampshire to RK Centers for $14 million.
Executive Managing Director Geoffrey Millerd, Managing Director Justin Smith, Associate Director Paul Penman and Financial Analyst Christian Brannelly of the NGKF Capital Markets Boston team, which is led by U.S. Head of Capital Markets Robert Griffin, oversaw the transaction of the grocery-anchored asset on behalf of Eastern Real Estate in conjunction with Newmark Grubb Knight Frank (NGKF) Executive Managing Director Richard Ruggiero.
“Long established as the dominant grocer in the Bedford market, Hannaford relocated from its smaller inline store along Route 3 to the subject property in order to take advantage of its superior location, larger size and standalone status,” said Smith. “The tenant has clearly demonstrated its long-term commitment to the property.”
Strategically situated along Route 3 at its signalized intersection with Kilton Road, a key access road to Route 101 and Interstate 293, Hannaford | Bedford, NH is well positioned to draw traffic from each of these three major thoroughfares within the Bedford/Manchester retail market. This prime retail destination features three- and five-mile population counts of 72,400 and 138,200 people, respectively, with coinciding average household incomes of $68,100 and $78,100.
Eastern Real Estate is a privately-held commercial real estate company with expertise in capital investment, real estate development and asset management. The firm specializes in adding value to complex real estate opportunities and has a longstanding, proven track record of successful investing across multiple asset classes. Eastern Real Estate was co-founded in 2000 by Dan Doherty and Brian Kelly, longtime friends and business partners who have successfully led multiple business ventures over the course of the last 25 years. The company has built its record of success through superior industry insight, diligent work ethic and precise execution of well-disciplined investment strategies.
RK Centers is a privately-held, family-owned real estate development company which was founded by Raanan Katz, who continues to serve as managing principal of the firm. It currently owns over 7,500,000 square feet of commercial space with expertise in the acquisition, development and management of “open-air” regional and community shopping centers in New England and South Florida. All of RK Centers’ leasing and management is performed in-house by company staff.