Walpole, MA NGKF Capital Markets has represented RK Centers in its acquisition of a Stop & Shop ground lease for $6.35 million. Executive managing director Geoffrey Millerd and managing director Justin Smith of the NGKF Capital Markets Boston team, which is led by U.S. head of capital markets Robert Griffin, oversaw the transaction of the 12.57 acre ground lease on behalf of the buyer.
Located at 565 Main St. (Rte. 1A), the ground-leased property is improved with a freestanding 75,096 s/f Stop & Shop grocery store. Completed in 2002, the building also features an in-store Citizens Bank and 398 onsite parking spaces.
“This transaction encompasses an attractive triple-net corporate ground lease to Stop & Shop with approximately 11.5 years remaining,” said Smith. “Furthermore, the ground lease is guaranteed by Koninklijke Ahold, the corporate parent of Stop & Shop and Giant Supermarkets, which provided an exceptional credit enhancement.”