Arsenal Street Development/ Watertown

Cresset acquired the existing warehouse and adjoining land in 2008 in partnership with a well-known regional retial operator. The building had been limited due to the fact that it had inferior access. The initial acquisition of the build subject to controlling the adjoining parcel. The second parcel was acquired to provide direct access to Arsenal Street and thereby increased the potential uses to include retail.

Working in conjunction which adjacent landowners,we are in the process to reconfigure the site and are beginning the re-permitting process to change the use to retail.This change in use will allow our partner to utilize its strength in the lease up of a reconfigured retail property.

	Asset Type:	Warehouse/Retail re-development
	Property:	130,400sf / 7.3 acres
	Acquisition Date:	March/June 2008