NEWINGTON — The Crossings shopping center was recently acquired by RPT Realty in an off-market $104 million deal, the buyer announced.
The Crossings, located at 45 Gosling Road, is a 510,000-square-foot, open-air center anchored by major retailers like Best Buy, Kohl’s, Dick’s Sporting Goods, Trader Joe’s and other retailers. The shopping center is 95% occupied and also includes tenants like McDonald’s and Aldi, which are in separate buildings from the main center buildings.
The Crossings was formerly known as The Newington Mall. Most of the shops and eateries have been long-term tenants, with an average tenure of 22 years, according to RPT Realty.
RPT Realty reported that the tenant sales productivity is amongst the highest in its portfolio, driven by the shopping center’s location, the tenants’ high sales volume, and no state sales tax. The previous property owner was SBAF Running Fox Inc., according the town of Newington tax collector’s office.
“The Crossings is a perfect complement to our high-quality, individually-curated Boston portfolio, which is now RPT’s second largest market by annualized base rent, up from no exposure a year ago, reflecting our size advantage as we rapidly reshape our portfolio towards higher growth and more durable cash flow markets, centers, and tenants,” Brian Harper, president and CEO of RPT Realty, said in a prepared statement.
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According to Harper, the company sees a lot of potential in The Crossings, and the acquisition continues the company’s trend of identifying off-market opportunities.
RPT Realty did not announce any changes planned for the shopping center and did not immediately respond to questions for this story.
Newington shopping area continues to see change
The Crossings is adjacent to the Fox Run Mall and other retail centers. It’s not the only big shopping center that has changed hands in the last few years.
Real estate development and investment company Torrington Properties acquired the Newington Park Shopping Center last year for $13.3 million and touted plans to transform the site. The property is located at 2026 Woodbury Ave., between the Mall at Fox Run to the north and The Crossings to the south. The Newington Park Shopping Center’s current tenants include Savers, Joann Fabrics and Crafts and Party City, as well as restaurant spaces. The new owners previously said they are still curating their vision for the center, but said it does not include adding residential space.
Plans for “transformation?”: Newington Park Shopping Center sold for $13.3 million.
The Mall at Fox Run, which is about 600,000 square feet on one level and was built in 1983, has also seen a lot of transformation. The management has worked to make the mall more of a local hub for the community instead of a box-store-centric retail mall. In addition to shopping, it’s now a place where you could take a dance class, try a unique cuisine, or take part in a new hobby.
Mall at Fox Run: A vision emerges for the future
This article originally appeared on Portsmouth Herald: Newington NH: The Crossings shopping center sells for $104 million