Under 2 months ago we reported that the Temple St Stop & Shop plaza sold to Orion Real Estate Group, a company that purchases distressed retail plazas at a discount and seeks to resell them at market. They have properties in 21 states, the closest being Connecticut, where they hold 5 KFC restaurants.
The real estate transaction closed on 3/2/2023 for a purchase price of $15,749,370.
What is more interesting is the mortgage that was taken out on the property in the amount of $94,000,000 dollars.
With this kind of financing, it seems like the realty group had a plan for redevelopment. However suddenly, on May 12th, we have learned that RK Centers has an intent to purchase the property and we expect to see financials and a transaction in the coming weeks.