About a half year ago we reported that the Stop & Shop plaza at 9 & Temple had sold to a Florida company that purchases distressed properties at a discount and then either develops them or leaves them as is, and resells them for a profit. On 3/2/2023 a transaction occurred that sold 1224 Worcester Road and 19 Temple Street from a Pennsylvania company, American Finance Operating Partnership to this distressed property company, Orion Real Estate Group for $15,749,370.
At the same time Orion Real Estate Group took out a $94,000,000 mortgage on the property, likely capital in case repairs would be needed or in case they decided to redevelop the property. The transaction appears to be a shared transaction for other Orion pickups on Swampscott, Malden, and Bristol.
As a plus for the community that depends on this grocer, at the time that Orion picked up the property, Orion entered into an agreement with Stop & Shop to not affect any changes to the currently enforced lease agreement with the prior property owner.
However, on June 5, 2023, Orion Real Estate Group re-sold the plaza containing both Worcester and Temple Street lots for $17,400,000 to RK Centers.
Orion sold the property and netted $1,650,630 after just 3 months of ownership. Not a bad profit.
The combined properties of 1224 Worcester Rd and 19 Temple St, was assessed by the city for FY’23 at $12.207.100
RK Centers owns the 235 Old Conn Path building where Stop & Shop is and the 400 Cochituate Road building where Target is located.