Boston & New England + Metro Boston + Retail | November 1, 2023

Urban Edge Nabs Two Boston-Area Centers for $309M

Urban Edge Properties has closed on the $309-million acquisition of two Boston-area shopping centers, Gateway Center in Everett and Shoppers World in Framingham. The seller was Site Centers.

The New York City-based REIT described Shoppers World as “the premier open air shopping center in the Boston suburbs.” It totals 758,000 square feet and is, anchored by Best Buy, Nordstrom Rack and several TJX Companies concepts including T.J. Maxx, Marshalls, HomeSense and Sierra Trading.

Gateway Center, a 639,000-square-foot shopping center, is anchored by Target, Costco and Home Depot. “These properties support the company’s strategy of acquiring high-quality retail real estate with future growth potential while providing us with critical mass in the Boston market,” Urban Edge said in a statement.

The acquisition was funded in part through a 1031 exchange in which Urban Edge sold its 1.2 million-square-foot East Hanover, NJ industrial portfolio for a price of $217.5 million.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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