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NYC developer completes $104M buy of Wegman’s-anchored Northborough Crossing

The sale of the major Northborough Crossing shopping center has been completed, after New York City real estate investment firm RPT Realty announced the planned purchase in May.

It was sold for $104 million by a division of Jacksonville real estate investment firm Regency Centers Corp., according to the Worcester County Registry of Deeds.

The deal closed on June 21.

Northborough Crossing is a 650,000-square-foot outdoor shopping center off Route 9 and Route 20, and includes a Wegmans, BJ’s Wholesale Club, Dick’s Sporting Goods, and several other large retail chains. The property is adjacent to the 380-apartment complex Avalon Bay and near the intersection of Route 20 and Route 9.

Equity One purchased the property in 2012 for $128 million.

The property was last assessed by the Town of Northborough at $103.8 million.

RPT, formerly known as RAMCO Properties Trust, owns roughly 50 shopping centers and emphasizes environmental sustainability in its developments, according to its website.

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