American Realty Advisors acquires 400,000 s/f retail asset - $206 million

Martha Shelley, American Realty Advisors

University Station - Westwood, MA

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 s/f retail asset located within a 130-acre, mixed-use live/work/play development for $206 million.

“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,” said 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, 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 s/f 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.

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,” said Anderson.  “Further, University Station is a transit-oriented destination that will draw consumers from across the region on a consistent basis.”

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 Griffin Jr., who was with Cushman & Wakefield and is now with Newmark Grubb Knight Frank.