August 22, 2016
Glendale, CA-based American Realty Advisors acquired the shops at University Station in Westwood, MA from Westwood Marketplace Holdings LLC for $206 million. The newly-built 130-acre, 2.1-million-square-foot mixed-use development includes apartments and offices, as well as a 400,000-square-foot retail center.
American Realty Advisors’ Martha Shelley says the investor seeks TOD projects in supply-constrained markets. She cited the market’s limitations on growth and development, the assets’ strong upside potential, national tenant base, and attractive demographics as key factors in the acquisition decision.
Robert E. Griffin Jr., formerly with Cushman & Wakefield and now with Newmark Grubb Knight Frank, represented sellers New England Development, Eastern Real Estate and National Development. New England Development will continue to serve as the management and leasing agent for the retail center.
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