Friday, May 17, 2019

A Once-Dying Mall in Suburban Boston Sells for $85 Million

A retail property that was on its last legs a few years ago has been scooped up by Deutsche Bank.

Through its Rreef real estate investment arm, the German bank paid $85.7 million for Meadow Glen, a 300,00-square-foot property at 3850 Mystic Valley Parkway in Medford, Massachusetts, about five miles north of Boston. The property, anchored now by upscale grocer Wegman’s, also sports a Dick’s Sporting Goods, Marshall’s and a Kohl’s. It had once been a drive-in movie theater before becoming home to Meadow Glen Mall in 1979. But the mall faltered in the late 1990s as it was unable to keep pace with new retail outlets in the area.. . . more