The 646,000-square-foot Northborough Crossing shopping center, anchored by Wegman’s and BJ’s Wholesale Club, has been purchased by a New York City real estate investment firm for $104 million.
The purchase by RPT Realty was announced by the company in an off-market negotiation, the firm announced Wednesday in a report of its first quarter financials. The property is currently owned by Regency Centers Corp, a NASDAQ-trader real estate firm based out of Jacksonville, Florida.
Northborough Crossing is 95.4% occupied, according to RPT Realty, and includes tenants like T.J. Maxx, Homesense, Kohl’s and Starbucks. The property is adjacent to the 380-apartment complex Avalon Bay and near the intersection of Route 20 and Route 9.
The transaction is expected to close during the second quarter of 2021.
