JLL closes $24.1M sale of Wonderland Marketplace near Boston
The retail center is in a transit-oriented location near booming development
BOSTON, December 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.
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.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Winstanley Enterprises, LLC is a vertically integrated commercial investment and development firm based in the Northeast United States. Founded in 1990, the company has acquired and developed more than 128 properties across a wide range of asset classes and currently owns and operates 11.5 million square feet of commercial space. Areas of expertise include medical and life science, warehousing and logistics and retail properties. For additional information please visit winent.com.
Formed in 2004 by Edward Silvera and Leon Silvera, Surrey Equities, LLC is a real estate investment and management firm specializing in acquiring value-added retail investment opportunities throughout the eastern United States and implementing a tailored strategy to maximize asset value. Its in-depth analysis and due diligence, as well as the character of its leasing and management teams, give Surrey Equities the ability to execute on its plans despite their complexity. The company currently owns real estate in Florida, Massachusetts, New York and Connecticut. In conjunction with its affiliate firm, Silvera Asset Group, LLC, Surrey Equities owns over 1,500,000 square feet of retail. For more information, visit surreyequities.com.
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 New York metropolitan region. Urban Edge owns 78 properties totaling 15.0 million square feet of gross leasable area. Visit uedge.com to learn more