New York REIT acquires Newington shopping center for $104 million

New York-based RPT Realty has made a second acquisition of a New Hampshire outdoor shopping center in the last few months. RPT, a real estate investment trust that which owns and operates a national portfolio of open-air shopping centers across the U.S., announced this month that it has acquired The Crossings, a 510,00-square-foot shopping center on 61 acres in Newington, for $104 million.

The property is 95 percent occupied and is dual-anchored by a 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 with tenant sales productivity that “is amongst the highest in the portfolio, driven by high three-mile incomes of $114,000, strong vehicle traffic of 54,000 per day along Route 4, no state sales tax, consistent year-round tourism demand and a true trade area of over 250,000.”

Last fall, the REIT acquired the Mountain Valley Mall in Conway for about $26.5 million. That mall includes a Hannaford supermarket and 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 accretive day one returns that are further enhanced through the sale of parcels to our net lease platform,” returning a target of 8 to percent internal rate of return.

He added that the greater Boston area “is now RPT’s second-largest market by annualized base rent, up from no exposure a year ago, reflecting our size advantage as we rapidly reshape our portfolio towards higher growth and more durable cash flow markets, centers, and tenants.”