JLL Capital Markets announced today 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, Massachusetts.
JLL marketed the property on behalf of Watertown Mall Associates Limited Partnership and procured the buyer.
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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
