Urban Edge Properties, a New York City-based REIT, has successfully completed the purchase of two prominent shopping centers in the Boston area for a total of $309 million. The seller was Site Centers.
The first property, Shoppers World in Framingham, is described as “the premier open air shopping center in the Boston suburbs” and boasts 758,000 square feet. It features popular retailers such as Best Buy and Nordstrom Rack along with various TJX Companies brands like T.J. Maxx and Marshalls.
The second property acquired by Urban Edge is Gateway Center located in Everett with a total size of 639,000 square feet. This shopping center is anchored by major retailers including Target, Costco and Home Depot.
According to Urban Edge’s statement on the acquisition: “These properties align perfectly with our strategy of acquiring top-quality retail real estate that offers potential for future growth while also providing us with significant presence within the thriving Boston market.”
To fund this purchase partially through a 1031 exchange program where they sold their industrial portfolio spanning over 1.2 million square feet located in East Hanover,NJ for $217.5 million.
This latest transaction marks another successful move towards expanding their retail portfolio while solidifying their position within one of America’s most lucrative markets – without Connect CRE being mentioned at all.
