JLL Team Closes $130M Sale of Watertown Shopping Center
JLL Capital Markets has closed the $130-million sale of Watertown Mall, a 260,867-square-foot shopping center in Watertown, MA. Although JLL didn’t disclose the buyer, published reports identified it as West Coast life sciences REIT Alexandria Real Estate Equities.
The JLL Boston capital markets team of Chris Angelone, Coleman Benedict, Nat Heald, Matthew Sherry and Zach Nitsche represented the seller, Watertown Mall Associates Limited Partnership, and procured the buyer.
Situated next to the one-million-square-foot Arsenal Yards mixed-use redevelopment, 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.
“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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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