WAYLAND TOWN CENTER SELLS FOR $68 MILLION
Boston – A joint venture between KGI Properties and J.P. Morgan Asset Management, announces the sale of Wayland Town Center to Zurich Asset Management for $68 million. The property is a newly constructed Class A mixed-use retail center, anchored by Stop & Shop Supermarket and strategically located in an affluent suburb of Boston.
The balance of the retail space is tenanted by a unique mix of national and regional credit tenants including Boston Sports Club, Ace Hardware, Panera Bread and The Local, an upscale gastropub voted Best of Boston. In addition, the property includes 17,000 square feet of medical office space which is occupied by Beth Israel DMC, Joint Ventures, and a dental practice. The property also consists of 12 second-floor apartment units that are 100% occupied, totaling 14,250 square feet.
Richard Bornstein, President and CEO of KGI’s parent company The Koffler Group of Providence, RI announced the sale occurred on August 11, 2015. “We have worked with the community and the Town of Wayland for almost 10 years to bring this project to fruition.” said Bornstein. “It has been a pleasure working with the Town and we are quite pleased with the results. We expect Wayland Town Center to be a vital fixture in the community for years to come.”
Chris Angelone, Bill Moylan, and Nat Heald represented the joint venture in the transaction and procured the buyer. “We are pleased to have worked with both parties in the transaction,” said Moylan, “The newly constructed Wayland Town Center is a well-positioned mixed-use asset. Zurich Asset Management will continue to enhance the existing property and will benefit from the strong presence of well-stabilized and credit retail tenants.”
Wayland Town Center is located in Wayland, Massachusetts in the Metro West region of the state, less than 15 miles west of Boston. With easy access to all parts of the Greater Boston region, Wayland is among the wealthiest towns in the state. Due to its location at the halfway point between Worcester and Boston, Wayland serves as a bedroom community for numerous urban professionals; this idyllic residential community also boasts one of the finest school systems in all of Massachusetts. Easy access to downtown Boston, as well as the neighboring economic hubs of Waltham, Natick, Framingham and Burlington, has allowed Wayland to flourish. The average household income within a one-mile radius of Wayland Town Center is over $201,000.