Boston-Area Shopping Center Trades for $86M
- May 22, 2019
DWS Group has acquired Meadow Glen, a premier shopping center in Medford, Mass. The company purchased the 291,860-square-foot asset from a New England Development partnership for $85.7 million, according to public records.
The property, located at 3850 Mystic Valley Parkway, was built in 1979 but underwent a complete redevelopment in 2017, which resulted in new storefront facades, renovated parking area, new site lighting and landscaping, as well as updated exterior signage. Meadow Glen is fully leased, with Wegmans anchoring it. The tenant roster includes Kohl’s, Dick’s Sporting Goods, Marshalls and Petco.
The building is situated adjacent to the Mystic River State Reservation. Additionally, it offers visible location on Route 16 and Interstate 93, while downtown Boston is a 15-minute drive away.
An HFF investment advisory team including Senior Managing Directors Coleman Benedict, Riaz Cassum and Jim Koury, alongside Senior Director Ben Sayles arranged the sale. Last year, members of the same team orchestrated the sale of a Washington, D.C., landmark mixed-use asset.