Watertown, Mass. — JLL Capital Markets has arranged the $130 million sale of Watertown Mall, a 260,867-square-foot power center in Watertown, a first-ring suburb just west of Boston. The property is 98 percent occupied by 10 tenants, including Target, Best Buy and the Registry of Motor Vehicles.
Situated on 17.8 acres at 550 Arsenal St., Watertown Mall is adjacent to the 1 million-square-foot Arsenal Yards, the mixed-use redevelopment of a former armory. Watertown Mall Associates LP sold the property to Alexandria Real Estate Equities, according to local news outlet Wicked Local.
The Watertown market has emerged as a popular life sciences and innovation district, according to JLL. It is located less than three miles from Cambridge and seven miles from downtown Boston.
Watertown Mall welcomes more than 2.7 million annual customer visits and is home to the No. 1 most-visited Target store in Massachusetts, according to JLL.
“With top-performing retail tenants in place, a premier location and demographics, and the potential to successfully support a variety of different uses, Watertown Mall represents an extraordinary opportunity to own one of the last large parcels in the red-hot Watertown submarket,” says JLL’s Chris Angelone.
Angelone, along with colleagues Coleman Benedict, Nat Heald, Matthew Sherry and Zach Nitsche, represented the seller in the transaction.
— Kristin Hiller