Urban Edge Lands $124M for Boston-Area Retail Asset
The property was one of the first suburban shopping centers to be built in the U.S.
Urban Edge Properties has obtained a $123.6 million interest-only, non-recourse loan tied to a segment of Shoppers World, a 752,000-square-foot retail center in Framingham, Mass.
The four-year loan bears a fixed rate of 5.12 percent. The borrower used a portion of the proceeds to pay off its $90 million revolving credit facility, which had a 5.48 percent interest rate.
Urban Edge acquired the open-air shopping center from SITE Centers for $187.1 million in 2023, according to Yardi Research Data.
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Urban Edge currently owns 72 retail assets totaling 17.1 million square feet, primarily located in urban markets along the Washington, D.C.–Boston corridor. The portfolio aligns with broader retail industry trends of owning property in high-density and transit-accessible locations.
A closer look at Shoppers World
Shoppers World was one of the first suburban shopping centers in the U.S. upon its 1951 opening. The property was redeveloped into a so-called shopping park in 1992 and underwent more renovation in the subsequent years.
The now LEED Green-certified center has a roster that includes a diverse mix of local, regional and national retailers such as Best Buy, Five Below, Marshalls, Macy’s, Kohl’s, TJ Maxx, ULTA Beauty, AMC Theaters, PetSmart, Chipotle, Chick-fil-A and Olive Garden, among others.
Shoppers World occupies 150 acres at 1 Worcester Road in the middle of the Golden Triangle, the largest retail destination in Greater Boston. The open-air shopping center serves approximately 156,495 individuals within a 5-mile radius, with the average household income of $183,707, according to Urban Edge data of 2024.
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