NGKF Capital Markets has successfully represented RK Centers in its acquisition of a Stop & Shop ground lease in Walpole, Massachusetts for $6.35 million. Executive Managing Director Geoffrey Millerd and Managing Director Justin Smith of the NGKF Capital Markets Boston team, which is led by U.S. Head of Capital Markets Robert Griffin, oversaw the transaction of the 12.57-acre ground lease on behalf of the buyer.
Located at 565 Main Street (Route 1A), the ground-leased property is improved with a freestanding 75,096-square-foot Stop & Shop grocery store. Completed in 2002, the building also features an in-store Citizens Bank and 398 on-site parking spaces.
“This transaction encompasses an attractive triple-net corporate ground lease to Stop & Shop with approximately 11.5 years remaining,” said Smith. “Furthermore, the ground lease is guaranteed by Koninklijke Ahold, the corporate parent of Stop & Shop and Giant Supermarkets, which provided an exceptional credit enhancement.”
Featuring strong frontage along Route 1A, a major local thoroughfare with an average daily traffic count of 21,200 vehicles, the property boasts high visibility. This prime retail destination features affluent demographics highlighted by a five-mile population count of 97,500 people with an average household income of $125,300.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
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