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Site Centers has sold a pair of large anchor-oriented retail properties in the Boston suburbs as it launches a spinoff focused on strip malls.
Urban Edge Properties, a New York-based retail real estate investment trust, bought the 639K SF Gateway Center in Everett and the 758K SF Shoppers World in Framingham for a combined $309M, the company announced in its Q3 earning release Tuesday.
Shoppers World is anchored by Best Buy, Nordstrom Rack and T.J. Maxx, and Gateway 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," an Urban Edge spokesperson said in a statement.
The news comes after Site Centers announced this week it was breaking up its portfolio and creating a new publicly traded company focused on strip malls that don't have traditional anchors. The new company, named Curbline Properties Corp., will start with 61 of these properties, and Site Centers expects to acquire more before the company is officially launched.
Along with the acquisitions, Urban Edge sold a 1.2M SF industrial portfolio in North Jersey for $217.5M and is negotiating the sale of over $100M in other properties, including industrial and self-storage assets, CoStar reported.
The shopping center acquisitions add to Urban Edge's growing portfolio. The company has three other properties in the Boston area: Wonderland Marketplace in Revere, Fresh Pond Mall in Cambridge and The Shops at Riverwood in Boston.
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