Rpt Realty Announces Acquisition Of The Crossings In The Boston, Ma Market
04/06/22, 12:01 PM
Industry
consumer goods
real estate
RPT Realty (NYSE:RPT) (“RPT” or the “Company”) announced today that it acquired The Crossings shopping center adjacent to the high barrier, coastal community of Portsmouth, NH in an off-market deal for a contract price of $104.0 million. The Crossings is a 510,000 square foot open-air center in the Boston market. The property is 95% occupied and is dual anchored by both a high performing Trader Joe’s and Aldi. Additionally, the center features an attractive tenant lineup that includes investment-grade rated Dick’s, Best Buy, Kohl’s and McDonald's, as well as, other strong credit tenants such as Ulta, Chipotle and Five Below. The current tenants have an average tenure of 22 years, highlighting the durability and stability of the rental stream. Tenant sales productivity is amongst the highest in the portfolio, driven by high three-mile incomes of $114,000, strong vehicle traffic of 54,000 per day along Route 4, no state sales tax, consistent year-round tourism demand and a true trade area of over 250,000.
Company Info
Company info
RPT Realty owns and operates a national portfolio of open-air shopping destinations principally located in top U.S. markets. The Company's shopping centers offer diverse, locally-curated consumer experiences that reflect the lifestyles of their surrounding communities and meet the modern expectations of the Company's retail partners. The Company is a fully integrated and self-administered REIT publicly traded on the New York Stock Exchange (the “NYSE”). The common shares of the Company, par value $0.01 per share are listed and traded on the NYSE under the ticker symbol “RPT”. As of December 31, 2021, the Company's property portfolio (the "aggregate portfolio") consisted of 47 wholly-owned shopping centers, 10 shopping centers owned through its grocery anchored joint venture (R2G), 38 retail properties owned through its net lease joint venture (RGMZ) and one net lease retail property that was held for sale by the Company, which together represent 14.6 million square feet of gross leasable area. As of December 31, 2021, the Company’s pro-rata share of the aggregate portfolio was 93.1% leased. For additional information about the Company please visit rptrealty.com.