Urban Edge Acquires Allston Shopping Plaza For $39M: The Boston Deal Sheet
A retail REIT acquired an Allston shopping plaza, growing the number of notable shopping plazas it has in Greater Boston.
Urban Edge Properties acquired the 7-acre Brighton Mills property at 304-370 Western Ave. for $39M, according to deed records. The seller was a real estate entity linked to Harvard University, Banker & Tradesman first reported.
“The property is situated in a highly desirable, infill neighborhood of Boston that has experienced significant growth driven by new multifamily developments,” Urban Edge CEO Jeffrey Olson said during the company’s third-quarter earnings call.
The property is anchored by a Star Market and is home to tenants McDonald’s, Petco, Bank of America and Spring Shabu-Shabu.
The acquisition was funded through two 1031 exchange transactions, according to Urban Edge. The retail REIT also owns Shoppers World in Framingham, Gateway Center in Everett and Fresh Pond Mall in Cambridge.
CBRE worked with the seller on the deal.
LEASES
Seyon acquired a 77K SF light industrial building in Billerica for $16.3M, according to public records. The property is at 19 Alexander Road and has direct access to the highway. The building is 100% leased to three tenants: Sourcepak Inc., Advanced Office Installers and Yusen Logistics. The property sits on some 6 acres and includes 22-foot clear heights, 12 dock doors and 128 parking spaces.
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Swiss pharmaceutical company SQ Innovation signed a 2,300 SF lease at Cummings Properties’ Tower Office Park in Woburn. The office will act as the company’s satellite facility and will be used for light manufacturing and administrative functions. The company also has another office in Burlington.
Cummings’ Mike Truesdale and Colliers’ Jason Rexinis worked on the lease.
FINANCING
Pennrose received $32.9M in construction financing for its 95 Everett St. affordable housing project. The financing was provided by Capital One. Pennrose plans to complete the 88-unit project in the summer of 2027. The affordable housing project is part of a $550M mixed-use development at 119 Braintree St. in Allston led by the Blank family and Bracken Development.
CONSTRUCTION AND DEVELOPMENT
Cabot, Cabot & Forbes will celebrate the groundbreaking for its 180K SF The Bold light industrial project in Woburn on Thursday. The property is being built on spec by John Moriarty & Associates and could be home to tenants in the energy, manufacturing, life sciences and technology sectors.
The project is part of the company’s $400M investment in the former Superfund site. It will include a 289-unit multifamily property, a proposed 250-unit apartment complex, 1,200 SF of retail and a parking lot.
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The Procopio Cos. broke ground on its mixed-use Paragon development on Nantucket Beach in Hull. The 132-unit apartment building includes 9,300 SF of retail and restaurant space. The developer secured financing for the project with Redcove Capital and Boston Andes Capital.
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Boston-based The Triad Group proposed a 153-unit apartment project at 49-59 Mount Auburn St. in Watertown Square. The project would be a mix of studio, one-, two- and three-bedroom units. Triad Group's plans are the third large-scale development proposed in the city this year.
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Local developer Sal Oweis proposed a 42-unit residential conversion at a former medical office building at 697 Cambridge St. The project would almost triple the size of the original building from 11K SF to 30K SF. The building is roughly 60% occupied.
