Chicopee, MA RK Centers completed its acquisition of the Walmart Supercenter at 591 Memorial Dr.
The 12.7-acre property is also home to a 99 Restaurant. The combined retail space totals 223,526 s/f. The purchase price was $18.6 million.
Making the announcement was Ken Fries, director of acquisitions for RK Centers, who noted the recent purchase occurred just a few months after RK’s acquisition of the 114,000 s/f Walmart Supercenter in Saugus.
The seller of the Chicopee property was UE Chicopee Holding LLC. The purchasing entity is R.K. Chicopee, LLC. Brokers for the transaction were Nat Heald, executive VP, and Chris Angelone, managing director, of Jones Lang LaSalle / N. E. Capital Markets.
RK now includes in its portfolio five properties anchored by Walmart stores. In addition to the new Saugus and Chicopee locations, the 387,000 s/f RK Worcester Crossing; the 160,000 s/f RK North Reading Plaza, and the 275,000 s/f RK Newport Towne Center in Newport, R.I.
Fries said, “In the last three years, RK Centers has acquired more than 2.3 million s/f. Our investment formula focuses on open-air, well-situated, heavy traffic locations with good demographics – and respected credit tenants.” Fries attributes the firm’s track record of over 35 years to its founder’s guiding principles: minimal debt and close working relationships with tenants, customers, and local and regional vendors.