RPT - RPT Realty acquires The Crossings shopping center in Boston

RPT Realty (NYSE:RPT) acquired The Crossings shopping center adjacent to the high barrier, coastal community of Portsmouth, NH in an off-market deal for a contract price of $104M. The property is 95% occupied and is dual anchored by both a high performing Trader Joe’s and Aldi. The current tenants have an average tenure of 22 years, highlighting the durability and stability of the rental stream. "The acquisition of The Crossings 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, allowing us to hit our target 8%-10% unlevered IRRs," President & CEO Brian Harper commented.

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RPT Realty acquires The Crossings shopping center in Boston