(Chicopee Walmart | Photo courtesy of RK Centers)
On March 15, RK Centers of Needham, Massachusetts (rkcenters.com), a real estate development company which owns and manages over eight million square feet of commercial retail space in New England and South Florida, completed its acquisition of the Walmart Supercenter at 591 Memorial Drive in Chicopee.
The 12.7-acre property is also home to a 99 Restaurant. The combined retail space totals 223,526 square feet. The purchase price was $18,600,000.
Making the announcement was Ken Fries, Director of Acquisitions for RK Centers, who noted the recent purchase occurred just a few months after RK’s acquisition of the 114,000 square foot Walmart Supercenter in Saugus, Massachusetts.
Seller of the Chicopee property was UE Chicopee Holding LLC. The purchasing entity is R.K. Chicopee, LLC. Brokers for the transaction were Nat Heald, executive VP and Chris Angelone, managing director, of Jones Lang LaSalle / N. E. Capital Markets.
RK now includes in its portfolio five properties anchored by Walmart stores. In addition to the new Saugus and Chicopee locations, the 387,000 square foot RK Worcester Crossing; the 160,000 square foot RK North Reading Plaza and the 275,000 square foot RK Newport Towne Center in Newport, RI.
Fries said, “In the last three years, RK Centers has acquired more than 2.3 million square feet. Our investment formula focuses on open-air, well-situated, heavy traffic locations with good demographics — and respected credit tenants.” Fries attributes the firm’s track record of over 35 years to its founder’s guiding principles: minimal debt and close working relationships with tenants, customers, and local and regional vendors.
RK Centers is a privately held family-owned real estate development company which owns and manages over eight 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. With over 35 years of experience in real estate, RK Centers has a proven track-record of success with tenants, customers, and communities with all leasing and management functions performed in-house.
1 Comment
This is kind of an odd story. Is there a connection with this Massachusetts Co. and central Oregon?