Cushman & Wakefield represented Great Island Development in the sale of North Reading Plaza in North Reading, Massachusetts for $11.6 million to RK Centers. North Reading Plaza is a thriving 153,935 square foot community shopping center located along the densely built-out Route 28 corridor and only minutes from Interstate 93 and Interstate 95. The property, anchored by Walmart, is currently 98% leased to national tenants including Marshalls and Dollar Tree. Cushman & Wakefield's Capital Markets team of Robert E. Griffin, Jr., Geoffrey Millerd, and Justin Smith exclusively represented the seller.
"Cushman & Wakefield was able to sell North Reading Plaza on an abbreviated time frame due to the favorable market conditions of the area. We have worked with the Cushman & Wakefield team on multiple sales and are always impressed by their ability to close a sale quickly and favorably for their clients," stated Ben Devine, Great Island Development.
North Reading Plaza is situated on over 22 acres within the Route 128 North submarket and boasts extensive frontage along Route 28 (Main Street), a highly visible retail destination with daily traffic counts of over 16,600 vehicles per day. North Reading Plaza continues to be an excellent necessity and discount retail destination within the vibrant Metro Boston retail submarket, due in large part to its quality tenancy, outstanding visibility and convenient access.
"Competition for well located assets in Metro Boston that have exceptional tenancy like that of North Reading Plaza provides tremendous upside for investors given the strength of the market fundamentals. North Reading Plaza is a clear win for Great Island Development and RK Centers," stated Mr. Millerd, Cushman & Wakefield.
Cushman & Wakefield reports Q4 2012 year-to-date leasing activity in the Route 128 North corridor at more than 1.8 million square feet and the lowest vacancy rate of all suburban submarkets at 13%. The North Reading market is an established retail corridor home to a plethora of big box retailers in New England including Home Depot, Target, Lowe's Home Improvement, Stop & Shop, Market Basket, TJ Maxx, CVS Pharmacy, Walgreens and Shaw's Supermarkets.