The Fort Point Channel waterfront continues to be a boiling hot stretch of real estate.

Days after Alexandria Real Estate Equities and National Development bought General Electric’s 2.7-acre Fort Point headquarters for $252M, Related Beal closed on a deal to buy 6.5 acres next door from Gillette parent company Procter & Gamble. Related paid $218M for the property, sources familiar with the deal told Bisnow.

“We are excited to start conversations with the community about the future of this parcel and a plan that enhances Boston,” Related Beal President Kimberly Sherman Stamler said in a prepared statement. “We believe this site offers a tremendous opportunity to create a diverse, mixed-use development close to public transit hubs, add to the environmental resiliency of Fort Point, and expand public waterfront access.”

The deal has been an open secret in Boston real estate circles for months, but plans for the site have not been revealed. Many expect some life science component to come to the site given Alexandria’s pivot to South Boston from Kendall Square, where space is scarce and prices are high.

Related Beal said it will begin community outreach in the coming “days and weeks.”