American Realty Advisors buys Boston retail asset for $206m
American Realty Advisors 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 Boston suburb of Westwood, Mass., for $206 million.
“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,” says Martha Shelley, senior portfolio manager at ARA, in a statement. “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.”
As part of a 2.1 million-square-foot mixed-use development that includes retail, residential, office and