Back in January, North Reading Plaza was sold by Great Island Development to RK Centers for $11.6 million. So what will they do with the plaza? They are still working on a future plan, but there are several different possibilities.
RK Centers may renovate the store fronts, which, according to Director of Marketing for RK Centers Kevin Belmont, is something they do with a lot of their properties. New businesses moving in is also an option. There is one vacant 3800 square foot space open in the plaza. There is also a proposed pad site between Citizens Bank and Joe Fish (shown in photo).
It could go either way.
"It’s a stable shopping center that we would love to see be possibly a little bit larger, but at the same time it’s a good asset the way it is," Belmont said.
According to Belmont, since the property is still fairly new to them, they are "just getting our feet wet." They need to understand how the building and septic systems work, he said.
The old owner had already proposed the new pad site modification, Belmont explained, but it is still a possibility if they can figure out how and if it is possible to expand the septic system to accomodate the additional square footage.
RK Centers likes to update shopping centers, but need to see what the property will hold before they make any major investments.
"Our goal would be to revitalize the center and renovate," he said.
For now, RK Centers is still working out the logistics.
Please check in with us for more updates as they become available.