Porter Square shopping center has been sold by Gravestar, one of nine sites in a $390 million deal
Porter Square Mall, owned by Gravestar since its inception in 1994, has been bundled with eight other properties and sold to Boston’s TA Realty in a $390 million deal. TA Realty’s partner was Wilder, also of Boston, who operates commercial properties from Maine to Florida and Illinois. Its closest property is the Arsenal Yards shopping center in Watertown.
The 175,687 square foot Porter Square Mall is home to a Star Market and CVS and other retail outlets, as well as a few chain restaurants such as Panera Bread and Halal Bros.
Ruth Ryals, head of the Porter Square Neighbors Association, said the group was looking to find out more about the buyers and their plans for the mall. “We look forward to meeting the new owners and working with them to make the Mall and Porter Square a better place to shop. [and] meet,” Ryals said.
The case was announced Thursday on the broker’s website, Newmark, which said it totaled 729,437 square feet for “nine premier malls” in the Greater Boston and Providence areas: In addition to Porter Square, it’s Brookline Plaza, Norwood Plaza, Sudbury Plaza, Waltham Plaza, Wellesley Plaza, Auburndale Plaza in Newton, Horn Pond Plaza in Woburn, and Pontiac Avenue Plaza in Cranston, Rhode Island. All are anchored in grocery stores, Bisnow noted in a Thursday post.
“This portfolio represented a generational opportunity – the first, highest quality offering of privately owned shopping centers in New England,” Newmark Vice Chairman Geoffrey Millerd said in a press release.
There were long vacancies in Porter Square mall storefronts in recent years, such as a Zoots dry cleaner that closed in February 2018 and was filled by a Soup Shack ramen joint in the summer of 2020. But the center is now full, with a Ben & Jerry’s set to open where an Emack & Bolio’s ice cream shop closed in August 2020.
The entire portfolio is 95% filled, Newmark said.