Image courtesy of Watertown assessors

Boston-based Boylston Properties has acquired the Home Depot property next to its 1 million-square-foot Arsenal Yards development in Watertown for $96.25 million.

The property at 615 Arsenal St. contains a 126,000-square-foot home improvement store. The seller is an affiliate of Illinois-based Inland Real Estate Group.

“This is a logical investment that builds upon our commitment to lasting value creation at Arsenal Yards,” Founding Principal Bill McQuillan said in a statement. “We look forward to deepening our relationship with Home Depot, and their long-term commitment to the East End of Watertown.”

Boylston Properties partnered with J.P. Morgan Global Alternatives on the acquisition, which was brokered by Newmark on behalf of Inland Real Estate.

The Home Depot property is not part of the Arsenal Yards development, and the Atlanta-based retailer has a long-term lease on the property, according to Boylston Properties.

Boylston Properties, The Wilder Cos. and J.P. Morgan are partnering on the mixed-use Arsenal Yards project, which recently received an anchor tenant for the 120,000-square-foot life science building under construction, known as 500 Forge, in Cambridge-based Orna Therapeutics. The project also includes 300 apartments, a Roche Bros. supermarket, Majestic 7 cinema and 146-room Hampton Inn & Suites by Hilton.

Two original Arsenal munition factory buildings were restored and updated with shops and restaurants connecting to outdoor plazas, and new walkways were built to connect to nearby parks and the Charles River bike and pedestrian path.

Across Arsenal Street, biotech developer Alexandria Real Estate Equities is proposing a 500,000-square-foot revamp of the Watertown Mall, and filed a master plan for the project with town officials in recent days.