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| Wonderland Marketplace, a 139,507-square-foot, fully leased shopping center anchored by Marshalls, Big Lots and Planet Fitness on Route 1A in Revere, MA |
BOSTON, MA, Dec. 3, 2019 – JLL announced today that is has closed the $24.1 million sale of Wonderland Marketplace, a 139,507-square-foot, fully leased shopping center anchored by Marshalls, Big Lots and Planet Fitness in an infill, transit-oriented location on Route 1A in Revere, Massachusetts.
JLL marketed the property on behalf of the seller, a partnership between Winstanley Enterprises and Surrey Equities. Urban Edge Properties purchased the asset.
Situated on 15.67 acres at 151 VFW Parkway (Route 1A), Wonderland Marketplace is adjacent to the newly remodeled MBTA Blue Line Wonderland Station, which provides direct access to downtown Boston less than five miles away.
The retail center is in an infill location proximate to the area’s largest development projects, which includes more than 900 new multi-housing; over 1,100 new hotel rooms; and the pending development at Suffolk Downs, which will house nearly 16 million square feet of office, retail, hotel and multi-housing space once fully built-out on its 161 acres.
Nearly 181,000 residents earning an average annual household income of $74,644 live within a three-mile radius of the center.
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| Nat Heald |
Nearly 181,000 residents earning an average annual household income of $74,644 live within a three-mile radius of the center.
The JLL Retail Capital Markets team representing the seller was led by Executive Vice President Nat Heald and Managing Director Chris Angelone.
“Wonderland Marketplace was an extremely compelling opportunity to acquire a shopping center directly in the path of Boston’s expansion northwards,” Heald said.
“With the recent Amazon announcement, the pending development at Suffolk Downs, the upgraded Wonderland T station and all the residential development along Revere Beach, Wonderland Marketplace is extremely well located to benefit from future growth in the market.”
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| Chris Angelone |
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