Boylston Properties and J.P. Morgan Complete Purchase of 615 Arsenal St. in Watertown for $96.25m
Boylston Properties, a Boston-based developer of mixed-use properties, and J.P. Morgan Global Alternatives announced today the acquisition of 615 Arsenal St. in Watertown, MA, a 126,460 sf, single-tenant Home Depot store, strategically located amidst Arsenal Yards, between 500 Forge and the rest of the retail, multi-family and life science components of the property.
Home Depot is a blue-chip, investment-grade-credit-rated retail tenant. Boylston Properties and institutional investors advised by J.P. Morgan Global Alternatives acquired the asset in the East End of Watertown, for $96.25M, under a joint venture agreement. Financed by Citizens Bank and Eastern Bank, the deal was brokered by Newmark on behalf of an affiliate of The Inland Real Estate Group of Companies, Inc.
“This is a logical investment that builds upon our commitment to lasting value creation at Arsenal Yards,” said Bill McQuillan, Founding Principal at Boylston Properties. “We look forward to deepening our relationship with Home Depot, and their long-term commitment to the East End of Watertown.”