Image courtesy of Google Maps.

A shopping center adjacent to Revere Beach has sold to a developer who sees redevelopment potential in the site.

Urban Edge, a Manhattan-based REIT, bought Wonderland Marketplace for $24.1 million. Located across from the Wonderland Blue Line station and bus hub, the center is near over 900 new multifamily units built or under construction along Revere Beach, 1,100 new hotel rooms, is across the street from the former Wonderland greyhound race track and near an area where Revere Mayor Brian Arrigo has called for the building of a new commuter rail station. The property is 100 percent leased to tenants including Marshalls, Planet Fitness, St Jean’s Credit Union and 99 Restaurants.

“Wonderland Marketplace is our first substantial acquisition in the Boston metro, and the property is well-positioned to support the surrounding community and benefit from Boston’s growth. New mixed-use development along Revere Beach, the upcoming redevelopment of the Wonderland greyhound property and Amazon’s recent commitment to a new facility nearby will all contribute to the success of our tenants and the property,” Herb Eilberg, Chief Investment Officer for Urban Edge, said in a statement.

The seller was represented by JLL Executive Vice President Nat Heald and Managing Director Chris Angelone.

“The acquisition is consistent with the company’s strategy of acquiring well-located retail assets that play an integral role in the surrounding submarket and have redevelopment potential as differentiated retail and/or mixed-use assets,” Urban Edge said in a statement announcing its purchase.

The REIT owns 79 properties totaling 15.2 million square feet of gross leasable area, chiefly in the New York metro area.