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August 29, 2023

Worcester, Framingham plaza owner to acquire Northborough Crossing owner for $2B

FILE PHOTO The Wegmans store at Northborough Crossing.

Retail real estate giant Kimco Realty Corp. of Jericho, New York, which owns Waverly Plaza in Framingham and Mill Street Plaza in Worcester, plans to acquire Northborough Crossing owner RPT Realty of New York City. 

Kimco will acquire five RPT-owned properties across Massachusetts as part of 43 wholly-owned and 13 joint-venture assets nationally totaling 13.3 million square-feet, according to a Monday press release from Kimco. The deal is expected to close in early 2024.

RPT bought the 646,000-square-foot Northborough Crossing in 2021 for $104 million.The plaza is anchored by Wegmans supermarket and BJ’s Wholesale Club.

Kimco Realty is the largest publicly traded owner and operator of open-air, grocery-anchored shopping centers in the nation, according to the press release. The firm is growing its mixed-use business, including a 224-apartment, mixed-use development planned in Framingham at Waverly Plaza.

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