BOSTON–Atlantic Investments completed the $12.9 million sale of a 45,769-square-foot condominium interest in the Framingham Mall to R.K. Framingham, LLC (RK Centers).
The shopping center is located in the suburban Boston community of Framingham, MA. Representing the seller, Target Corporation, Atlantic also procured R.K. Framingham, LLC (RK Centers) as the buyer.
The property is shadow-anchored by a 135,650 square foot Target, and the condominium tenants include a 35,000 square foot Home Goods, Panera Bread, and Game Stop. Situated less than 20 miles west of Boston, the property is located at 400 Cochichuate Road along Route 30 with immediate access to the Mass Pike (I-90) at Exit 13. The busy retail corridor has 145,461 residents earning an average household income of more than $135,000 within a five-mile radius.
Redeveloped in 2001 with a history of high occupancy and low turnover, the current small shop vacancy (up to 4,680 square feet) is the first in more than 10 years, only just occurring in January 2019. Kenneth Fries, Director of Acquisitions for RK Centers, said, “ The Framingham Mall acquisition is a great addition to our portfolio. The site is well positioned in an area where RK Centers owns about 1.2 million square feet of retail space within 12 miles.”
The Atlantic investments team combined forces from the company’s Boston and Charlotte offices, with brokers Sam Young, David Hoppe, and Mike O’Mara handling the transaction. The inter-office collaboration paired seasoned investment sales experience with extensive local market knowledge, helping to complete the transaction quickly and easily.
“The Framingham Mall transaction once again proves the power of buying and selling properties with tremendous real estate fundamentals,” says Hoppe. “Given the strong location, the tenants at Framingham Mall are able to perform very well, which in return makes the purchase of this property a secure, long-term investment.”
RK Centers is a privately held family-owned real estate development company which owns and manages over eight and half 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.