FRAMINGHAM — Consumers World, the enduring outside procuring plaza that straddles Routes 9 and 30, has a brand new proprietor.
Throughout its third-quarter earnings call on Tuesday, Urban Edge Properties, a New York-based retail property holder, introduced that it had bought Consumers World as a part of a $309 million deal wherein it additionally acquired Gateway Middle in Everett.
Each Consumers World and Gateway Middle had been beforehand owned by Site Centers, a publicly traded company based in Beachwood, Ohio, that had beforehand been generally known as Builders Diversified Realty Corp. earlier than altering its title in 2018.
Consumers World was most just lately assessed at $139 million.
‘A household stopping place’:Shoppers World has anchored MetroWest retail since 1951
Consumers World is at the moment anchored by Greatest Purchase, Nordstrom Rack and a number of other manufacturers from Framingham-based TJX Firms Inc., together with TJ Maxx, Marshalls and Sierra. The plaza just lately opened one other anchor retailer, Public Lands, a Dick’s Sporting Items-owned outside retailer that options an indoor climbing wall.
City Edge owns a number of different procuring facilities in Massachusetts, together with the Fresh Pond Mall in Cambridge and the Wonderland Marketplace in Revere. However Consumers World and Gateway Middle are by far the most important properties in New England that the corporate now manages.
“These properties help the corporate’s technique of buying high-quality retail actual property with future progress potential whereas offering us with essential mass within the Boston market,” City Edge mentioned in a press release to the Day by day Information.
Altering face of native retail
Constructed in 1951, Consumers World is taken into account one of many nation’s first trendy procuring malls. In 1994, following reconstruction of the brand new Natick Mall only a block away, Consumers World went by means of an expansive renovation strategy of its personal.
Now, Consumers World is present process one other giant renovation, with a bit that was once residence to Barnes & Noble and Outdated Navy being redeveloped to accommodate a new Amazon Fresh grocery retailer that’s set to open someday subsequent 12 months.
The plaza comprises 758,000 sq. ft of retail area and sits on 98 acres of land.