Scott Anderson, director in American's Investment Group, points to the property's strategic location about 15 miles from Downtown Boston and nearby Interstate 95 and Route 128, as well as the region's sole Amtrak/MBTA commuter rail station.

Douglass Karp, president of New England Development, says in a statement released to Globest.com, ““We're pleased that American Realty Advisors saw the value we have created at University Station, in particular in the retail portion of the project in which they have made a significant investment.”

New England Development has retained management and leasing responsibilities at the shops at University Station. The seller, Westwood Marketplace Holdings LLC, was represented by Robert E. Griffin Jr., who was with Cushman & Wakefield and is now affiliated with Newmark Grubb Knight Frank.

Approximately 1.1 million square feet of the approved 2.1 million-square-foot master plan for Washington Village has been completed and is comprised of approximately 525,000 square feet of retail space, which includes three restaurants (Bone Fish Grill, Not Your Average Joe's and DelFrisco's Grille), a 125,000-square-foot Life Time Fitness facility, a 64-unit assisted living facility (Bridges by Epoch Senior Living) and 350 residential apartments (The Gables).

A New England Development spokesperson tells Globest.com that the balance of the project will include office space, additional retail and residential space, and a 130-room Courtyard by Marriott hotel that began construction last month and is expected to open in the fall of 2017.

American Realty Advisors has been very active this summer. In early July, the firm closed on two major purchases. The firm bought a 16-story office tower in Jersey City, NJ from Rubenstein Partners and Onyx Equities for $101 million. Also that month, the firm acquired the 1K Fulton office complex in the Fulton market section of Chicago for $257 million from Sterling Bay.

Not to be outdone, New England Development and Eastern Real Estate were part of a consortium that purchased the Taj Boston hotel. Other members of the consortium that acquired the 90-year-old 273-key hotel included: Rockpoint Group, Lubert-Adler and Highgate.

WESTWOOD, MA—American Realty Advisors has acquired the recently constructed shops at University Station retail center here for $206 million.

The Glendale, CA-based institutional real estate investment management firm acquired the property from Westwood Marketplace Holdings LLC, whose lead partners are New England Development and Eastern Real Estate. The shops at University Station is anchored by Wegmans and shadow anchored by Target and Lifetime Fitness. The complex, which opened in March 2015, is also currently occupied by national tenants Nordstrom Rack, Marshalls, and PetSmart.

The shops at University Station is part of the 130-acre, 2.1-million-square-foot mixed-use development that also includes residential, office, and hospitality space being developed by New England Development and partners Clarion Partners, Eastern Real Estate, National Development and Charles River Realty. Only the retail component of the Union Station property was traded, a New England Development spokesperson stresses.

“Our focus on acquiring assets in supply constrained markets, which are transit oriented and unique, is represented by our ability to acquire University Station as part of our core investment strategy,” says Martha Shelley, senior portfolio manager at American Realty Advisors. She adds that the average term of in-place leases for the property is approximately 15 years, while 95% of the asset's total income is generated from its national tenant base. “We believe these characteristics will provide stabilized risk-adjusted returns for our investors over time,” Shelley adds.

Scott Anderson, director in American's Investment Group, points to the property's strategic location about 15 miles from Downtown Boston and nearby Interstate 95 and Route 128, as well as the region's sole Amtrak/MBTA commuter rail station.

Douglass Karp, president of New England Development, says in a statement released to Globest.com, ““We're pleased that American Realty Advisors saw the value we have created at University Station, in particular in the retail portion of the project in which they have made a significant investment.”

New England Development has retained management and leasing responsibilities at the shops at University Station. The seller, Westwood Marketplace Holdings LLC, was represented by Robert E. Griffin Jr., who was with Cushman & Wakefield and is now affiliated with Newmark Grubb Knight Frank.

Approximately 1.1 million square feet of the approved 2.1 million-square-foot master plan for Washington Village has been completed and is comprised of approximately 525,000 square feet of retail space, which includes three restaurants (Bone Fish Grill, Not Your Average Joe's and DelFrisco's Grille), a 125,000-square-foot Life Time Fitness facility, a 64-unit assisted living facility (Bridges by Epoch Senior Living) and 350 residential apartments (The Gables).

A New England Development spokesperson tells Globest.com that the balance of the project will include office space, additional retail and residential space, and a 130-room Courtyard by Marriott hotel that began construction last month and is expected to open in the fall of 2017.

American Realty Advisors has been very active this summer. In early July, the firm closed on two major purchases. The firm bought a 16-story office tower in Jersey City, NJ from Rubenstein Partners and Onyx Equities for $101 million. Also that month, the firm acquired the 1K Fulton office complex in the Fulton market section of Chicago for $257 million from Sterling Bay.

Not to be outdone, New England Development and Eastern Real Estate were part of a consortium that purchased the Taj Boston hotel. Other members of the consortium that acquired the 90-year-old 273-key hotel included: Rockpoint Group, Lubert-Adler and Highgate.