Image courtesy of Google Maps.

A Medfield shopping plaza and a 114,244-square-foot Saugus big-box store have been sold for a combined $41.6 million.

Needham-based RK Centers bought the 87,614 square-foot plaza formerly known as The Medfield Shops – now rebranded as RK Medfield Shops –  at 230 Main St. in Medfield and the Route 1 Walmart Supercenter in Saugus.

RK Centers paid $17.5 million for RK Medfield Shops and $24.1 million for the Walmart Supercenter. In the last three years, RK Centers has acquired a total of 2.15 million square feet. RK Centers owns and manages over eight million square feet of commercial retail space, mainly prime “open air” regional and community shopping centers in New England and South Florida.

With the exception of an inline ATM, RK Medfield Shops is 100 percent leased. The center is anchored by Shaw’s Supermarket and Marshalls and features a cafe, a salon/spa and a fitness center. The Walmart Supercenter property, built in 2014, is entirely occupied by Walmart and serves over 400,000 residents within a 5-mile radius.

“These acquisitions nicely fit our portfolio profile: Open-air, well-situated, heavy traffic locations with good demographics – and well-known tenants,” RK Centers’ Director of Acquisitions Ken Fries said in a statement.

The seller of the Medfield property was OCW Retail Medfield LLC, a subsidiary of the O’Connor Group. Brokers in the transaction were Geoffrey Millerd, Justin Smith and Christian Brannelly of Newmark Grubb Knight Frank’s NGKF Capital Markets of Boston. The seller of the Walmart Supercenter was WS Saugus Properties LLC. The brokers for the transaction were Nat Heald, executive vice president, and Chris Angelone, managing director, Jones Lang LaSalle / N. E. Capital Markets.

Shopping Plaza, Walmart Supercenter Sold for $41.6M

by Banker & Tradesman time to read: 1 min
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