NEWINGTON — Crossings Shopping Center was recently acquired by RPT Realty in a $104 million off-market transaction, the buyer announced.
The Crossings, located at 45 Gosling Road, is a 510,000 square foot outdoor center anchored by major retailers like Best Buy, Kohl’s, Dick’s Sporting Goods, Trader Joe’s and other retailers. The mall is 95% occupied and also includes tenants like McDonald’s and Aldi, which are in separate buildings from the main mall buildings.
The Crossings was formerly known as The Newington Mall. Most stores and restaurants are long-term tenants, with an average tenure of 22 years, according to RPT Realty.
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RPT Realty reported that tenant sales productivity is among the highest in its portfolio, thanks to the mall’s location, high tenant sales volume and no state sales tax. The previous owner was SBAF Running Fox Inc., according to the Newington City Tax Collector’s Office.
“The Crossings is a perfect complement to our high-quality, individually curated Boston portfolio, which is now the second-largest RPT market by annualized base rent, compared to no exposure a year ago, reflecting our advantage of size as we rapidly reshape our portfolio toward higher growth and more sustainable cash flow markets, centers and tenants,” said Brian Harper, President and CEO of RPT Realty, 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 out-of-market opportunities.
RPT Realty did not announce any planned changes to the mall and did not immediately respond to questions for this story.
Newington’s shopping district continues to change
The Crossings is adjacent to Fox Run Mall and other malls. It’s not the only major mall that has changed hands in recent years.
Real estate development and investment firm Torrington Properties last year acquired Newington Park Shopping Center for $13.3 million and announced plans to transform the site. The property is located at 2026 Woodbury Ave., between the Fox Run Mall to the north and The Crossings to the south. Current tenants of the Newington Park Mall include Savers, Joann Fabrics and Crafts, and Party City, as well as food court spaces. The new owners have previously said they are still retaining their vision for the center, but said this does not include adding residential space.
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The Fox Run Mall, which measures approximately 600,000 square feet on one level and was built in 1983, has also seen many transformations. Management has worked to make the mall a local hub for the community rather than a store-centric mall. In addition to shopping, it’s now a place where you can take a dance class, try unique cuisine, or indulge in a new hobby.
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