june.valliere@waylandpost.org
Jesse Baerkahn, president and founder of Graffito SP, said all three ownership groups are invested in rejuvenating Wayland Town Center and are equally involved. He outlined the new ownership structure and the owners’ preliminary goals in a telephone interview on Jan. 26.
“No one is passive,” he said.
Zurich Alternative Asset Management sold Town Center, a 175,000-square-foot mixed-use commercial hub on 25 acres at the center of a 55-acre master-planned community at 400 Boston Post Road. Wayland Town Center was sold in December to NP Wayland LLC for $35.75 million. Zurich purchased it in 2015 for $68 million.
The LLC is owned by three groups: Northpond Partners, Graffito SP, and Bos Retail LLC, which is owned by two undisclosed local partners.
Although most of Graffito’s projects are in urban areas and Northpond is not local, he said the interests of residents everywhere are similar. He said they want cafes and other places to linger, retail shops that are a mix of local boutiques and national chains, restaurants with unique food, public art, and services. According to Baerkahn, the key is to draw traffic to the site. He said with its proximity to routes 128, 20, 27, and the bike path, Town Center is a good location to attract Wayland residents as well as people from surrounding towns.
Both Northpond Partners and Graffito have a history of revitalizing underutilized retail areas. Northpond Partners, which has offices in Chicago and Georgia, is a retail-focused real estate investment firm that acquires, develops, and redevelops retail and mixed-use properties across the U.S. According to its website, Northpond focuses on underutilized retail and mixed-use assets with repositioning potential and a neighborhood retail strategy that targets shopping centers anchored by convenience, necessity, and service-based tenants in high-demand trade areas.
Graffito operates throughout the greater Boston area and in select cities across the country. The company focuses on leasing retail space on behalf of landlords at various scales, from grocery stores, music venues, and restaurants to coffee bars, podcast studios, and barber shops. It was instrumental in developing 25,000 square feet of vacant retail space at the base of Kendall Square’s first non-academic residential tower, the Watermark, to help revitalize the area.
Before the groups purchased Town Center, they did a “lot of due diligence,” according to Baerkahn. They talked to tenants, read about Town Center, and researched the area, and they are continuing with their research. He said town officials, who “have been amazing,” helped by sharing information they had about residents’ aspirations for the area. The Economic Development Committee gave him all of the data results that they received on Route 20 polling and offered outreach via their email list of poll respondents if Graffito wants additional public input.
Baerkahn said the first step is to determine the problems, seek solutions, and then execute a plan. Some of the issues that he said needed to be addressed are: underutilization of Elissa Avenue, better signage, improving connectivity to the Mass Central Rail Trail, renting the empty storefronts, bringing in more retail stores, incorporating the town green, and better messaging.
They plan to use social media and put up better signage on Route 20. He said that they have leased space to a few new tenants and are talking to town officials about “integrating the Center with the public space.”
Areas of focus
Since they’ve owned the property for only two months, they’re still in the planning stage, he said. Baerkahn said they’re focusing on rail trail development, leasing to new tenants, coordinating the Town Green, and bringing in more things to do at Town Center. He said the town’s poll indicated that residents want a playground and a dog park at the Town Green. Graffito representatives attended a bike trail meeting with DCR to understand the connection, and talked to EDC about the availability of state funding for Elissa Avenue, according to Baerkahn.
Wayland officials who are working with Baerkahn expressed their enthusiasm for their new relationship.
Town planner Robert Hummel said, “New ownership has communicated a clear and thoughtful vision for the center,” Town Planner Rober Hummel said. “Their plans focus on long-term stability and meaningful improvements, and they have shown a strong commitment to supporting the Center’s future. We look forward to seeing these plans develop as they move forward.”
Baerkahn said they would like to continue with the Oktoberfest and the holiday stroll and will consider other events to draw residents to Town Center. Although he viewed Arts Wayland as an asset, they have had no discussions about the space. The Arts Wayland agreement with the prior owner is that they have the space rent-free until a tenant rents the storefront.
Baerkahn said he and his partners see a lot of potential, are looking forward to improving Town Center, and providing residents with the “downtown feel” that they are looking for.
EDC Chair Becky Stanizzi said she’s looking forward to working with Graffito if they want more community input.
“We are coordinating on the idea of a playground, among other informal ideas, but for the most part, we are awaiting Graffito’s unveiling of plans for the center sometime in 1Q 2026,” she said. “Once they’ve gotten their sea legs on the acquisition and consolidated their ideas, we will plug in where it makes sense. Graffito is very creative, and they look like they’ll be a terrific local partner to bring new energy to the center.”
