Urban Edge Acquires Two Boston Shopping Centers for $309M

Urban Edge Properties Expands its Portfolio with Gateway Center and Shoppers World Acquisition

Urban Edge Properties, a New York City-based Real Estate Investment Trust (REIT), recently completed a significant transaction. They successfully acquired two Boston-area shopping centers for a total of $309 million. The seller of these prime properties was Site Centers.

Shoppers World

The Pinnacle of Boston Suburban Shopping Shoppers World, described by Urban Edge as "the premier open-air shopping center in the Boston suburbs," offers an impressive 758,000 square feet of retail space. Anchored by retail giants like Best Buy, Nordstrom Rack, and various TJX Companies brands including T.J. Maxx, Marshalls, HomeSense, and Sierra Trading, this center stands as a shopping haven for local residents.

Gateway Center

A Shopping Hub Anchored by Retail Giants Gateway Center, spanning 639,000 square feet, serves as a shopping hub anchored by retail giants such as Target, Costco, and Home Depot. In a statement, Urban Edge explained that acquiring these properties aligns with their strategy of investing in high-quality retail real estate with future growth potential. This acquisition also bolsters Urban Edge's presence in the thriving Boston market.

Funding the Acquisition through a 1031 Exchange Urban Edge Properties partially funded this acquisition by utilizing a 1031 exchange. This involved selling their 1.2 million-square-foot industrial portfolio in East Hanover, New Jersey, for an impressive price of $217.5 million. This strategic move allows Urban Edge to secure valuable assets in the Boston area while optimizing its real estate portfolio.

In a decisive move, Urban Edge Properties has strengthened its presence in the Boston market with the acquisition of Gateway Center and Shoppers World. This strategic investment aligns with their commitment to acquiring prime retail real estate, and it positions the company for future growth in this dynamic market.