Photo courtesy of JLL
A neighborhood retail center in Boston’s Hyde Park has been acquired by Urban Edge Properties for $32.9 million.
The New York investor bought the Shops at Riverwood, which is 100 percent leased to nine tenants including Price Rite Marketplace and Boston Medical Center. The 78,000-square-foot retail center at 854-912 River St. includes six standalone retail buildings, including a future Starbucks currently under construction.
JLL arranged a seven-year, fixed-rate, non-recourse acquisition loan for the new owners from Middlesex Savings Bank.
“Shops at Riverwood is an excellent example of Urban Edge continuing its strategy to own assets with essential retail in convenient urban locations with higher barriers to entry,” JLL Senior Managing Director Scott Aiese said in a statement.
The seller was CREFIII Fin Riverwood Owner LLC of Boston. The property has a trade area of 181,000 people within a 3-mile radius, with average household incomes of $113,000, according to Urban Edge.
“As we continue to see demand for essential retail and health care services in convenient urban locations, The Shops at Riverwood aligns with Urban Edge’s current strategy,” CEO Jeff Olson said in a statement.
The New York-based REIT owns 76 properties totaling 17.2 million square feet of gross leasable area.
