KGI sells Wayland Town Center for $68M

WAYLAND, Mass. – A joint venture between KGI Properties, a subsidiary of Providence-based The Koffler Group, and J.P. Morgan Asset Management has sold Wayland Town Center for $68 million.
The 182,000-square-foot, Class A, mixed-use development, anchored by a Stop & Shop Supermarket, was sold to Zurich Asset Management, according to an announcement on Sept. 22.
The newly constructed development is located in Wayland, a suburb west of Boston that has an average household income of $201,000. The retail space includes national and regional tenants, according to the news release, such as Boston Sports Club, Panera Bread and The Local, an upscale gastropub.
Richard Borenstein, president and CEO of The Koffler Group, parent company to KGI Properties, said development of Wayland Town Center was the result of a 10-year effort. “It has been a pleasure working with the town and we are quite pleased with the results,” he said.