A partnership between Winstanley Enterprises and Surrey Equities has sold the 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, Mass.
The sales price was $24.1 million. Urban Edge Properties purchased the asset.
“Wonderland Marketplace was an extremely compelling opportunity to acquire a shopping center directly in the path of Boston’s expansion northwards,” said Nat Heald, JLL executive vice president. “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.”
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 units; more than 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 multifamily 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.
