Acquisition of Boston retail center financed for $21.5M
JLL Capital Markets arranged the loan for the grocery-anchored retail center in Hyde Park
BOSTON, July 20, 2022 – JLL Capital Markets announced today that it has arranged $21.5 million in acquisition financing for Shops at Riverwood, a 78,000-square-foot, fully leased retail center anchored by Price Rite Marketplace in the Hyde Park neighborhood of Boston, Massachusetts.
JLL worked on behalf of the borrower, Urban Edge Properties, to arrange the seven-year, fixed-rate, non-recourse loan.
Shops at Riverwood is fully leased to nine national and regional tenants, including grocery anchor Price Rite Marketplace, Santander, Burger King, Boston Medical Center, and Planet Fitness. Constructed in phases between 2010 and 2022, the center comprises six standalone retail buildings, one of which is under construction and will be the future home of Starbucks.
Spanning 8.05 acres at 854-912 River St. Hyde Park, Shops at Riverwood is only seven miles from downtown Boston and across the street from the Boston Prep Charter School. The center is in Hyde Park, Boston’s southernmost neighborhood that serves as a vibrant residential community with a suburban feel that attracts young professionals and city employees. The property is situated at a signalized intersection along River Street, one of the neighborhood’s primary thoroughfares, featuring an average daily traffic count of over 20,000 vehicles.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Scott Aiese and Director Amy Lousararian.
“Shops at Riverwood is an excellent example of Urban Edge continuing its strategy to own assets with essential retail in convenient urban locations with higher barriers to entry,” Aiese said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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 uedge.com.