Assembly Square Developer Acquires Kmart Space For $14.5M

SOMERVILLE, MA — The company behind the redevelopment of Assembly Square has acquired Kmart's anchor lease for $14.5 million, according to Yahoo Finance. Federal Realty Investment Trust, which acquired Assembly Square 14 years ago and turned it into a retail, dining and entertainment hub, now owns the 100,000-square-foot building and six-acre land parcel.

Kmart is set to close in November, according to a spokesperson for Assembly Row. It is one of four Massachusetts locations the retailer plans to close this fall.

In addition to its Somerville location, Kmart is shutting down stores in Palmer, Brockton and Webster. The chain was one of the original tenants at the Assembly Square Mall when it opened in 1980.

Kmart has between 50 and 100 employees.