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| The shops at University Station, Westwood, MA Photo by Gene St. Pierre |
WESTWOOD, MA – American Realty
Advisors, an institutional real estate investment manager with over $7.5
billion in assets under management, has acquired the shops at University Station, a newly constructed, 400,000 square-foot
retail asset located within a 130-acre mixed-use live/work/play development in
the dynamic Boston submarket of Westwood, Massachusetts, for $206 million.
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| Martha Shelley |
“Our focus on acquiring
assets in supply constrained markets which are transit oriented and unique is
represented by our ability to acquire University Station as part of our core
investment strategy,” says Martha
Shelley, Senior Portfolio Manager at American Realty Advisors.
“This ability to acquire
assets such as the Westwood location in the Boston market is very important to
our approach to investing, as the limitations on growth and development in this
market provide us with a margin of safety for our investment strategy,” says
Ms. Shelley, “as well as providing strong upside potential based on its
strategic location within a newly constructed premier mixed-use development,
its national tenancy and proximity to major transit, and the attractive
demographics of the surrounding trade area.”
As part of a 2.1 million
square-foot mixed-use development that includes retail, residential, office,
and hospitality product, the retail portion of University Station is anchored
by Wegmans, a dominant upscale regional supermarket chain, and shadow anchored
by Target and Lifetime Fitness. The asset also boasts a series of national
tenants including Nordstrom Rack, Marshalls, and PetSmart.
“Our focus is on investing
in fortress locations driven by geographic, economic, political or other supply
constraints which makes it difficult to replicate other developments in the
market; thus driving up long term value for our investors,” continues Ms.
Shelley.
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| Scott Anderson |
“The average term of in-place leases for the property is approximately 15 years, while 95 percent of the asset’s total income is generated from its national tenant base. We believe these characteristics will provide stabilized risk-adjusted returns for our investors over time.”
Scott Anderson,
Director in American’s Investment Group, adds that the Boston metro area
demonstrates strong fundamentals, and that University Station is very unique
and services a substantial trade area that includes 13 towns, comprised of
approximately 214,700 residents with an average annual household income in
excess of $121,000.
“These factors add to the
appeal of the property, and indicate that the region is poised to perform well
over time,” says Mr. Anderson. “Further,
University Station is a transit-oriented destination that will draw consumers
from across the region on a consistent basis.”
The property is situated
approximately 15 miles from downtown Boston in immediate proximity to
Interstate 95 and Route 128, which draw approximately 140,000 vehicles per day,
as well as the region’s sole Amtrak/MBTA commuter rail station, which
transports 1.3 million travelers annually.
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| Robert E. Griffin Jr. |
“Overall, this property
represents a high quality addition to our existing portfolio. With our active and hands-on management
platform, American will continue to identify opportunities to drive value in
this premier core asset,” Mr. Anderson adds.
University Station is
located between 100 and 300 University Ave. in Westwood, Massachusetts.
New
England Development will continue to serve as the management and leasing agent
for the retail center.
The seller,
Westwood Marketplace Holdings LLC, was represented by Robert E. Griffin Jr., who was with Cushman & Wakefield and is
now with Newmark Grubb Knight Frank
For a complete copy of the company’s news release,
please contact:
Lexi Astfalk / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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