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Urban Edge Properties Expands Boston-Area Presence with The Shops at Riverwood
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Urban Edge Properties (NYSE:UE) has successfully acquired The Shops at Riverwood, a grocery-anchored retail center in Boston for $32.9 million. This acquisition is part of the company’s strategy to invest in premier retail locations. The site, covering 78,000 square feet, includes a Price Rite Marketplace and will soon feature a Starbucks, enhancing visitor appeal. Funded through cash reserves and a $21.5 million non-recourse mortgage at a 4.25% interest rate, this acquisition is expected to benefit from strong local demographics with a 181,000 population nearby.
Positive
Acquisition of The Shops at Riverwood for $32.9 million enhances portfolio.
Strong tenant mix including Price Rite Marketplace, Burger King, and Planet Fitness.
Demographics indicate a supporting population of approximately 181,000 with average household incomes of $113,000.
New Starbucks lease expected to drive additional foot traffic.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
Urban Edge Properties (NYSE:UE) today announced that it has acquired The Shops at Riverwood, a fully-leased grocery-anchored, retail center located in Boston’s Hyde Park neighborhood for $32.9 million. The acquisition advances the Company’s strategic plan of acquiring high-quality, infill real estate in a core retail market with attractive in-place yield and future growth potential. Alongside an anchor grocery store, Price Rite Marketplace, the property has a strong array of national and regional retail and service brands including Santander, Burger King, Boston Medical Center, and a recently opened Planet Fitness. Starbucks executed a lease for a pad site with construction expected to begin this summer.
“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,” said Jeff Olson, Chief Executive Officer. “The new Starbucks will enhance this experience and drive additional visits from the nearby population.”
The Shops at Riverwood covers 78,000 square feet across six stand-alone buildings, including the future Starbucks, on an 8-acre site located just 7 miles south of downtown Boston. The site benefits from strong demographics with a 3-mile population of approximately 181,000 people with average annual household incomes of $113,000.
The transaction was completed by the Company using cash-on-hand and a new $21.5 million non-recourse first mortgage secured by the property. The mortgage has a 7-year term at a fixed interest rate of 4.25%.
ABOUT URBAN EDGE PROPERTIES
Urban Edge Properties is a NYSE-listed real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Washington, D.C. to Boston corridor. Urban Edge owns 76 properties totaling 17.2 million square feet of gross leasable area. For further information, please visit https://www.uedge.com.
Urban Edge Properties Mark Langer, EVP and Chief Financial Officer
(212) 956-0082
Source: Urban Edge Properties
FAQ
What is the significance of Urban Edge Properties' acquisition of The Shops at Riverwood?
The acquisition for $32.9 million enhances Urban Edge's retail portfolio and aligns with its strategy of investing in high-quality, grocery-anchored centers.
How large is The Shops at Riverwood retail center acquired by Urban Edge?
The Shops at Riverwood covers 78,000 square feet across six stand-alone buildings.
What financing did Urban Edge Properties use for the acquisition?
Urban Edge completed the acquisition using cash-on-hand and a $21.5 million non-recourse mortgage at a 4.25% fixed interest rate.
What are the demographic details of the area surrounding The Shops at Riverwood?
The area has a 3-mile population of approximately 181,000 people, with average annual household incomes of $113,000.
What tenants are present at The Shops at Riverwood aside from the grocery store?
The property features national and regional brands including Burger King, Santander, and Planet Fitness.
