Joint Venture Purchases Arsenal Mall in Metro Boston

Watertown, Mass. — The mall and the adjacent Harvard Vanguard Medical Associates building were acquired for $70.5 million.

Watertown, Mass. — A joint venture that includes Boylston Properties, The Wilder Cos. and Jonathan Bush Jr. of athenahealth has acquired the 225,000-square-foot Arsenal Mall. The joint venture also purchased the adjacent Harvard Vanguard Medical Associates building in Watertown for an aggregate purchase price of $70.5 million. The new Boston-based joint venture is also acquiring the Golfsmith building, a property adjacent to Arsenal Mall. The mall’s tenant roster includes Sports Authority, Old Navy, Marshalls, Gap Outlet and Chipotle.

The companies plan on revitalizing and modernizing the property. Boylston Properties also recently purchased the building that was the home of Charles River Saab, also located on Arsenal Street, and expects to bring a new idea for the property to town officials in the near future. In addition to its ownership, The Wilder Cos. will take over the management of the Arsenal Mall properties. The seller in the transaction was Simon Property Group Inc.

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