Dual grocery-anchored retail center in New Hampshire sells for $104M

BOSTON, April 11, 2022 – JLL Capital Markets announced today that it has closed the $104 million sale of The Crossings, a 509,749-square-foot, dominant, regional retail center anchored by Trader Joe’s and Aldi in the coastal community of Newington, New Hampshire.

JLL advised the seller, and RPT Realty acquired the asset.

Positioned on 61.01 acres at 45 Gosling Rd., The Crossings is on the Newington-Portsmouth border about one mile north of Interstate 95, which connects to all major cities on the East Coast and is travelled by more than 72,000 vehicles per day. The property’s New Hampshire seacoast location places it in one of the most desirable regions in New England, which, along with tax-free shopping, draws 4.2 million customer visits annually, making it the fourth most-visited shopping center in New Hampshire. Additionally, the property is within an affluent trade area 50 miles from both Boston and Portland, Maine, that houses major economic drivers such as Pease International Tradeport, Downtown Portsmouth and the Portsmouth Naval Shipyard.

The Crossings is 95 percent leased to an exceptional roster of national retailers, including the high-performing Trader Joe’s anchor along with Best Buy, Ulta Beauty, Five Below, Kohl’s, Michael’s, Dick’s Sporting Goods, PetSmart, Old Navy, Barnes & Noble, Staples, Regal Cinemas and Chipotle.

The JLL Retail Capital Markets team advising the seller was led by Senior Managing Directors Dave Monahan and Chris Angelone, Managing Director Nat Heald, Senior Director Cameron Pittman and Associate Zach Nitsche.

JLL Research’s recently released Grocery Tracker 2022 report details how 2021 was a record year for grocery-anchored retail property transactions, with trades toppling $13.3 billion, the second-highest level in recorded history. Additionally, the report discusses how Aldi tops the list of new store openings, as it was the most active grocery in 2019 and 2020.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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RPT is a publicly traded (NYSE: RPT) national owner and operator of modern and engaging open-air shopping destinations principally located in top U.S. markets. Led by an experienced and cycle-tested executive team, RPT is changing the narrative around bricks-and-mortar retail and setting new standards for what the in-person shopping experience should entail. RPT is committed to becoming an industry leader in sustainability by incorporating environmental-friendly elements throughout its organization. The firm has relocated its corporate headquarters to a LEED Silver-certified building and will be implementing several green initiatives throughout its portfolio.