New York-based RPT Realty has made a second outdoor mall acquisition in New Hampshire in recent months. RPT, a real estate investment trust that owns and operates a national portfolio of outdoor shopping centers across the United States, announced this month that it has acquired The Crossings, a 510,000 square foot shopping center on 61 acres in Newington, for $104 million.
The property is 95% occupied and is dual anchored by Trader Joe’s and Aldi. Other tenants include a Dick’s Sporting Goods store, a Best Buy, Kohl’s, McDonald’s, Ulta Beauty, Chipotle, Five Below, PetSmart, Old Navy, Barnes & Noble, Staples and Regal Cinemas.
According to RPT, it is investing in a shopping center whose tenant sales productivity “is among the highest in the portfolio, driven by strong three-mile revenues of $114,000, heavy vehicle traffic of 54,000 per day along from Route 4, no state sales tax, consistent year-round tourist demand, and a true commercial area of over 250,000 people.
Last fall, the REIT acquired Mountain Valley Mall in Conway for approximately $26.5 million. This mall includes a Hannaford supermarket and the Lowe’s home improvement store as well as the Mountain Valley Cinema 7, Mystery NH Escape Room and the Premier Home Store.
The acquisition, said RPT CEO Brian Harper, “continues our trend of identifying off-market opportunities at day one accretive returns that are further enhanced through the sale of plots to our net rental platform. “, returning an 8-percent internal rate target to return.
He added that the greater Boston area “is now RPT’s second-largest market by annualized base rent, compared to no exposure a year ago, reflecting our size advantage as we rapidly reshape our portfolio toward higher growth. high and more sustainable cash flow markets, centers, and tenants.”