Walmart plaza in Sturbridge sells for $31M to Atlanta firm as part of wider $1.1B deal
Photo | Courtesy of Google Earth
The Center at Hobbs Brook in Sturbridge
A shopping plaza in Sturbridge featuring tenants like Walmart and Stop & Shop has sold for $30.6 million to an Atlanta-based real estate firm, part of a larger nationwide deal worth $1.1 billion.
The Center at Hobbs Brook at 100 Charlton Road, an open air shopping center with 231,197 square feet of leasable area, was sold in a deal finalized on April 1, according to Worcester District Registry of Deeds records.
The plaza was purchased by an entity managed by RCG Ventures of Atlanta. The seller was Rhode Island-based firm Global Net Lease, and the sale was part of a deal where GNL offloaded 59 multi-tenant retail properties across the country.
RCG Ventures is the real estate investment arm of Argonne Capital Group, an Atlanta-based private equity firm.
"As longtime, dedicated multi-tenant real estate investors, we have deep conviction in retail as an asset class," Michael Klump, founder and chairman of RCG Ventures and Argonne Capital, said in a March 26 press release announcing the deal. "This transformative transaction more than doubles our footprint of shopping centers across the U.S., and we look forward to leveraging our vertically-integrated team to attract and retain high-quality tenants and deliver value for our partners, investors and communities in which we operate.”
RCG plans on buying the remainder of GNL’s 41-property portfolio of multi-tenant retail assets by the end of the second quarter of this year.
The Center at Hobbs Brook was constructed in 1999, according to PropertyShark.com. In addition to Walmart and Stop & Shop, other retailers at the site include Old Navy, Petco, Marshalls, and Entertainment Luxury Theater, according to Google Maps listings.
Restaurants at the plaza include an UNO Pizzeria & Grill and an Applebee’s Neighborhood Grill & Bar.
Combined, the three parcels involved in the deal are 71.8 acres and were given a tax assessment value of $27.6 million for 2025, according to Town of Sturbridge property records.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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