BOSTON– JLL Capital Markets announced that it has closed the $130 million sale of Watertown Mall, a 260,867-square-foot shopping center situated on 17.8 acres in the dynamic greater Boston community of Watertown, MA.
JLL marketed the property on behalf of Watertown Mall Associates Limited Partnership and procured the buyer. The property was purchased by Alexandria Real Estate Equities.
Watertown Mall is 98% occupied by 10 tenants, including the No. 1 most-visited Target in Massachusetts, Best Buy and the Registry of Motor Vehicles. The property welcomes more than 2.7 million annual customer visits, demonstrating the strength of the location in a premier life science, retail, office and multi-housing corridor. Situated on 17.8 acres at 550 Arsenal St., Watertown Mall is in a dense, infill location surrounded by more than 344,000 residents within a three-mile radius and is adjacent to the 1-million-square-foot Arsenal Yards mixed-use redevelopment project.
The Watertown market has emerged as a logical alternative to Kendall Square as a popular life science and innovation destination. Less than three miles from Cambridge and seven miles from Downtown Boston, Watertown is benefiting from unprecedented westward migration and investment, as tenants seek an alternative for their life science, healthcare and technology-oriented space needs.
The JLL Boston Capital Markets team of Chris Angelone, Coleman Benedict, Nat Heald, Matthew Sherry and Zach Nitsche represented the seller.
“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,” Angelone said.