Bedford Marketplace Sold: Will the Sale Make a Difference to Tenants or Shoppers?

Public Gathering Space at Bedford Marketplace ~ Image (c) 2020 all rights reserved

 

The Bedford Marketplace on The Great Road has been sold for $53 million, according to an article in a regional commercial real estate publication.

The Real Reporter said in a July 30 article that the buyer is RPT Realty, a Manhattan-based real estate investment trust that owns 50 open-air shopping centers in 15 states. Almost half of the properties are in Florida and Michigan. The only other holding in the Northeast is Northborough Crossing.

No one could be reached at RPT Realty, or the former owner, Urban Properties, to confirm the sale.

According to the Bedford assessors database, Urban Properties purchased what was then called the Bedford Shopping Center in 2007 for $27 million. Several years later, two buildings were demolished and replaced, and the structure housing anchor stores Marshalls and Whole Foods was expanded.

The assessor records state that the Marketplace totals about 155,000 square feet.

“All of our properties feature a diverse mix of high-volume national, regional, and local retailers across what we call fit, fabulous, and food,” says the RPT Realty website. “Our centers have set a new standard for what the shopping experience should entail by offering a level of fulfillment, excitement, and satisfaction that e-commerce doesn’t.”

The website also cites the firm’s “long-term sustainability goals with regard to the reduction of electricity consumption, water usage, and waste diversion, focusing on our objectives of safeguarding the environment while improving the energy efficiency of our portfolio and lowering operating costs.”

Mike Rosenberg can be reached at mike@thebedfordcitizen.org, or 781-983-1763


Invest in The Bedford Citizen for informative, relevant, and local news. Donate now!

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.