Image courtesy of CBRE
The owner of regional shopping centers in Everett and Framingham expanded its Greater Boston portfolio with acquisition of a Brighton retail property that executives say “has tremendous demand for residential and commercial development.”
Urban Edge Properties paid $39 million for the 6.9-acre property at 304-370 Western Ave. The seller was Harvard Real Estate Allston Inc., according to a Suffolk County deed.
The Star Market-anchored plaza totals 90,141 square feet. During a quarterly earnings call with analysts Wednesday, executives noted that the property is one of the few shopping centers in the area with surface parking and is located in an area with demand for residential and commercial development.
Urban Edge specializes in grocery-anchored shopping centers, which comprise 80 percent of its portfolio. It previously owned 17.1 million square feet of leasable space at 72 properties, including the Gateway Center in Everett and Framingham’s Shoppers World.
Last year, Urban Edge executives met with Framingham officials to discuss developing a 224-unit apartment complex that would replace the Kohl’s store at Shoppers World. Urban Edge refinanced the property in August for $123.6 million.
Urban Edge also owns Wonderland Marketplace in Revere, Fresh Pond Mall in Cambridge and The Shops at Riverwood in Hyde Park.
CBRE represented the seller.
The stretch of neighborhood where 304-370 Western Ave. is located was in the process of rapidly transforming along with the rest of Allston-Brighton until rising interest rates ground development to a halt.
King Street Properties’ Allston LabWorks multi-building life sciences development recently announced a slate of retail tenants for its spec lab building. Harvard University recently topped off a new home for the American Repertory Theatre down the street. The Davis Companies is hunting for financing for a four-building hotel-and-multifamily redevelopment of the former Skating Club of Boston site across the street from 304-370 Western Ave.
And developer Mill Creek Residential last year proposed a 240-unit apartment building for an office building that borders 304-370 Western Ave.
