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Federal Realty Investment Trust Acquires Kmart Lease at Assembly Square for $15M
Federal Realty Investment Trust has acquired the Kmart lease at Assembly Square Marketplace in Somerville, MA for $14.5 million. Assembly Square was initially acquired by Federal in 2005.
In 2006, Federal completed redevelopment of the enclosed mall into an open-air power center with Kmart remaining as one of the anchor tenants. In 2012, it broke ground on the first phase of Assembly Row, Federal’s mixed-use project in Somerville.
“The ability to control this roughly 100,000-square-foot building and six-acre parcel provides Federal with additional future opportunity to leverage its investment in the Assembly neighborhood and associated infrastructure, parks and public improvements,” said Patrick McMahon, senior vice president at Federal.
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