Kmart’s pending closure could open the door for redevelopment of a 6-acre parcel at Somerville’s Assembly Marketplace.

Assembly Row developer Federal Realty has paid $14.5 million to buy out the lease from Kmart, which announced plans to close next month.

“The ability to control this roughly 100,000 square foot building and 6-acre parcel provides Federal with additional future opportunity to leverage its investment in the Assembly neighborhood and associated infrastructure, parks and public improvements,” Patrick McMahon, senior vice president at Federal Realty, said in a statement Friday. “We look forward to working with the city of Somerville and our neighbors to determine how the neighborhood evolves to best serve residents, visitors and office workers.”

Federal Realty did not immediately respond to requests for additional details on its plans.

The 100,000-square-foot Kmart store anchors the southern end of the retail power center, which includes such chains as Christmas Tree Shops, Trader Joe’s and Bed, Bath & Beyond.

Rockville, Maryland-based Federal Realty acquired the Assembly Marketplace property from IKEA in 2005 after the Swedish furniture retailer dropped plans for a superstore in Somerville. The retail-focused REIT broke ground in 2012 on the Assembly Row mixed-use development, which includes an outlet-style shopping center, 100,000-square-foot multitenant office building, 447-unit Montake condos, 158-room Row Hotel, Partners Healthcare headquarters and the future PUMA headquarters now under construction.

The project has approvals for another 2 million square feet of office and lab space and 826 residential units on five remaining development parcels.