Urban Edge Properties Acquires Revere, MA Shopping Center

REVERE, MA—New York City-based Urban Edge Properties has acquired the Wonderland Marketplace, a 139,507-square-foot shopping center on Route 1A here for $24.1 million.

Located on 16 acres, the shopping center is 100% leased with a tenant roster that includes: Marshalls, Planet Fitness, St Jean’s Credit Union and 99 Restaurant. The property is a strategic, transit-oriented, value-add acquisition for the company’s growing Metro Boston portfolio, Urban Edge Properties states.

The property is located across from the newly redeveloped Wonderland MBTA station and is near more than 900 units of new multi-family development, more than 1,100 new hotel rooms and significant future development at the former Wonderland Greyhound Track and Suffolk Downs.

“Wonderland Marketplace is our first substantial acquisition in the Boston Metro, and the property is well-positioned to support the surrounding community and benefit from Boston’s growth,” says said Herb Eilberg, chief investment officer for Urban Edge. “New mixed-use development along Revere Beach, the upcoming redevelopment of the Wonderland Greyhound property and Amazon’s recent commitment to a new facility nearby will all contribute to the success of our tenants and the property.”

The unidentified seller was represented by JLL EVP Nat Heald and managing director Chris Angelone. Winstanley Enterprises of Concord, MA acquired the shopping center for $15.5 million in March 2016, according to a report in the Revere Journal.

In announcing its third quarter results on Oct. 30, Urban Edge Properties stated it was under contract to purchase three assets with a total consideration of $38 million, including one asset in the Boston metropolitan area and two assets are adjacent to its existing property, Bergen Town Center in New Jersey. The acquisitions are expected to be executed via 1031 exchanges and funded using proceeds from dispositions, the firm noted at the time.

Year-to-date, the company stated it had sold nine non-core properties for $127 million, including seven properties for $92 million during the third quarter. The firm also stated it had three properties under contract to sell for approximately $60 million. The weighted average cap rate on properties sold or under contract to sell is approximately 7.4%.