Northborough Crossing sale to NYC developer closes for $104 million
NORTHBORO — The sale of Northborough Crossing to New York City real estate investment firm RPT Realty closed June 21 for $104 million.
RPT, formerly known as RAMCO Properties Trust, bought the mall from Regency Centers Corp, a real estate firm in Jacksonville, Florida, in May, according to RPT.
The 646,000-square-foot shopping center opened in 2011 and is 95.4% occupied, according to RPT Realty, and includes retail tenants such as Old Navy, Wegman's, Kohl's and Starbucks.
The shopping center was last sold in 2012 to Equity One Inc. for $128 million. As of this year, the town of Northboro assessed the property at $103.8 million.
Northborough Crossing sits near the intersection of Route 20 and Route 9 between Northboro and Shrewsbury. It neighbors the 380-apartment complex Avalon Bay, making it a shopping destination for residents.
Neither RPT nor Regency Centers could be reached for comment on the sale.