Wayland Town Center sells for $68M
KGI Properties
The Wayland Town Center mixed-use development has been sold to Zurich Asset Management for $68 million.
The 182,000 square-foot property is a Class A mixed-use retail center, anchored by Stop & Shop Supermarket, and located in Wayland near Routes 20 and 27. The remainder of the shopping area is leased to a mix of national and local businesses including Boston Sports Club, Ace Hardware, Panera Bread and an upscale gastropub The Local, according to KGI Properties, which sold the property in a joint venture with J.P. Morgan Asset Management.
“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 … retail tenants,” Bill Moylan, a representative for the venture, said in a statement.
The property also includes 17,000 square feet of medical office space which is occupied by Beth Israel Deaconess Health Care, a primary care office, Joint Ventures physical therapy, and a dental practice. There are also 12 second-floor apartment units, totaling 14,250 square feet, which are fully occupied.
Zurich Asset Management is a wholly owned subsidiary of Swiss insurance company Zurich Insurance Group.
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