Watertown's Arsenal Yards Shopping Complex Is Up for Sale

A busy shopping and living complex in Watertown, Massachusetts, called Arsenal Yards is now for sale. The property includes more than 257,000 square feet of retail space spread across seven buildings, along with over 300 luxury condominiums. A major real estate company called CBRE listed the property this week, though no asking price was shared with the public.

Boylston Properties, the company that owns and developed Arsenal Yards, confirmed the sale but did not say anything more about it. The brokers at CBRE also did not respond to questions from reporters. The Watertown News was the first news outlet to report that the property was being put up for sale.

The land where Arsenal Yards now stands has a long history. Brick warehouses and factories were built there as far back as 1816, when the U.S. Army used the site to store and build military equipment and weapons. The location was known as the Watertown Arsenal. In 1983, the Old Arsenal Mall opened there and stayed open until 2018, when it was shut down so the site could be rebuilt and updated.

Arsenal Yards opened in 2019 with stores, science labs, and office space. Apartments and condominiums were added in 2021. Since then, the complex has grown into one of the most popular shopping spots in the greater Boston area. According to CBRE's marketing brochure, the complex welcomed about 4.8 million shoppers in the past year alone.

Shoppers who visit Arsenal Yards tend to stay for a while. On average, each visitor spends more than 50 minutes at the complex. Greg Reibman, the president and CEO of the Charles River Regional Chamber, called the sale 'really big news' and described it as 'an enormous real estate deal.' He also pointed out that Arsenal Yards has been a standout success at a time when many malls across the country are struggling to stay open and keep tenants.

The complex is home to well-known stores like Marshall's, ULTA, Old Navy, Shake Shack, Warby Parker, J. Crew Factory, and a Roche Brothers Supermarket. It also has a seven-screen movie theater. Just across the street sits the Watertown Mall, which includes a Target store, as well as a Home Depot.

Reibman praised the way Arsenal Yards was put together, saying they created a great mix of businesses, lab space, offices, and residential units. The marketing brochure describes Arsenal Yards as one of metro-Boston's most desirable areas, drawing shoppers from wealthy and densely populated nearby towns like Cambridge, Belmont, Waltham, and Newton. More than 870,000 people live within five miles of the complex, and that number jumps to 1.1 million during the daytime.