Woburn Village. Picture courtesy of PGIM Actual Property
EDENS has obtained a $90 million, fixed-rate mortgage for 2 Class A retail properties, totaling 394,108 sq. ft, in Boston’s northern suburbs. PGIM Actual Property offered the seven-year financing.
The 201,965-square-foot Woburn Village in Woburn, Mass., and the 192,143-square-foot Burlington Crossroads in Burlington, Mass., are each unlevered and wholly owned. Every property underwent a current redevelopment that added an natural grocery retailer and eating places, in addition to extra leisure choices.
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Woburn Village got here on-line in 1984, based on CommercialEdge data. EDENS bought the property for $44 million in 2017 and accomplished its redevelopment in 2021. Anchored by Market Basket, a dominant grocer within the space, TJ Maxx/HomeGoods, HomeSense and DSW, the retail heart is at present 97.9 p.c leased.
EDENS acquired Burlington Crossroads in 1998 for $20.3 million, CommercialEdge information exhibits. The 1980-built property underwent an almost $8 million renovation that was accomplished in 2014. The absolutely leased buying heart has Goal, Whole Wine & Extra, Marshalls and Michaels as anchor tenants.
Tom Goodsite, managing director at PGIM Actual Property, led the financing course of. In a ready assertion, Goodsite famous that necessity-based retail is a resilient property sector the place fundamentals will stay sturdy.
Economics of necessity
In the identical necessity-based retail mode, final December EDENS acquired from Mixed Properties Inc. three grocery-anchored buying facilities for a complete of $136.8 million. The belongings complete greater than 400,000 sq. ft and are all in dense, infill submarkets of Los Angeles County.
The metro Boston retail actual property market noticed about 274,902 sq. ft of internet absorption within the fourth quarter, based on a report from Cushman & Wakefield. Arguably that isn’t a lot, however contemplating that the earlier 4 quarters noticed internet absorption of at most 130,730 sq. ft, ranging all the way down to detrimental 137,787, native landlords are most likely completely satisfied to see the upturn.
The metro’s common retail emptiness was 4.0 p.c within the fourth quarter, versus a nationwide common of 5.7 p.c, additionally based on Cushman & Wakefield information.
