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Newton and Needham Properties Sold for $7.1M

Jan 21, 2020 | Reprints | Unlock Link

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RK Centers has added to its portfolio with the $7.1 million acquisition of two high-visibility properties near the Newton-Needham line.

The transaction includes 238 Highland Ave., a 15,609-square-foot property occupied by Needham Montessori School, Mandarine Cuisine and Needham Nail & Spa, along with 106 Needham St. in Newton, which is anchored by fitness equipment distributor Gym Source.

Avison Young’s Brandon Dickason represented seller Terrazzino Investment Trust.

The properties are located in a 5-mile trade area that’s home to 265,000 residents with average household incomes of $150,000, according to RK Centers.

RK Centers, with New England offices located in Needham, acquired seven properties totaling nearly $100 million in 2019 and currently owns and manages over 9 million square feet of commercial space.

B&T Daily