"We will continue to make improvements and operate it as a first-class shopping center," Gallinaro said. "It's an extremely high-quality location and a great community. Over the longer term, there may be other avenues to explore. But for the time being, we're very focused on operating as a first-class shopping center."
"It's really difficult to (build) retail centers in high-density, high-traffic locations like this," he said. "As a center, this has actually performed very well, and retailers there have even outperformed."
"The mall is 96 percent leased, with tenants that include Target, Best Buy, and the Registry of Motor Vehicles."
Alexandria Real Estate Equities sold the 24.5-acre Watertown Mall to National Development for $100.25 million, a 23 percent loss from the $130 million purchase four years earlier. Alexandria had approvals to replace the mall with an eight-building life-science campus but had not begun construction. National Development plans to operate and upgrade the property as a retail center, improving signage and storefronts while keeping existing tenants. The mall is 96 percent leased with anchors including Target, Best Buy, and the Registry of Motor Vehicles. National cited a slowdown in life-science development and strong retail performance at the location as reasons for the decision.
Read at Boston.com
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