Wayland Town Center was sold, but the name of the new owner has not been disclosed as of September 26.
In Massachusetts, the disclosure of a new commercial owner typically does not occur until after the property deed is filed with the local Registry of Deeds. This happens after the settlement agreement is signed at the property closing. A deed can be filed electronically and recorded within hours or a few days, while paper filings might take up to 90 days to be returned to the owner. The recording process involves review and indexing by the registry, which may cause delays.
Town Planner Robert Hummel said that the new owner had scheduled a meeting with him for the week of September 29 to discuss future uses of the property. Still, he is not at liberty to disclose the company’s name. He anticipated that the announcement could be madewithin the next week.
The new owner’s representatives visited the lessors last week to obtain feedback about their leasing experience and their perspective on Town Center issues, according to Mauricio Umana, owner of Earthwise Pet Store in Town Center. He said that it was a Chicago company.
Newmark, the real estate broker for Town Center, did not return calls. The current owner, Zurich Asset Management, purchased Town Center from the developer for $68 million in 2015. The 175,636-square-foot commercial hub is at the center of a 55-acre master-planned community. The center represents 1.5% of the town’s 4% commercial base.
Wayland residents expressed disappointment about Town Center in the past, saying that they are still looking for a town hub where they can congregate. They had looked to Town Center to meet those needs, but between the original concept plans never materializing and the composition of the businesses leasing space, it never happened. The retailers also expressed similar complaints, as well as additional problems: limited foot traffic on Andrew Avenue, failure to attract more business, high rents, traffic patterns, lack of visibility from Route 20, and inadequate signage. Residents, town officials and Town Center retailers are hoping that the new owners will introduce new ideas that will vitalize Town Center.
