AvalonBay Communities (NYSE: AVB) has acquired the former site of the Hilltop Steak House in Saugus, MA with plans to redevelop the tract for a new 280-unit mixed-use development.

The Arlington, VA-based equity REIT paid $17.25 million, or about $268 per square foot, for the nearly 65,000-square-foot building at 855 Broadway that had served as the location for Hilltop Steak House for the last 45 years.

Once completed, the 11.32-acre tract will…

Article From: "Key Realty Commercial Real Estate News"   Read full article