BOSTON, April 7, 2022 – JLL Capital Markets today announced that it has advised on the $60 million purchase and arranged a $36.27 million acquisition financing for University Mall, a 617,000 square foot enclosed regional shopping center, anchored in a grocery store and Target in Burlington, Vermont, which is the #1 mall in the state.
JLL advised a joint venture between Eastern Real Estate and Taconic Capital on their acquisition of the asset. Additionally, working on behalf of the new owner, JLL secured a non-recourse acquisition loan from HarborOne Bank and Berkshire Bank.
With approximately 3.9 million visitors annually, University Mall generates more foot traffic than any other mall in the state of Vermont. The 96.3% leased mall is the largest enclosed mall in the state and is anchored by Hannaford Supermarkets and the first and only Target store in Vermont. The mall is complemented by a diverse mix that includes JCPenney, Kohl’s, Sears, H&M, Victoria’s Secret, Bath & Body Works and Party City. The new owners have announced they are exploring a range of plans to revitalize the property, which was originally built in 1979 and last renovated in 2018.
University Mall spans nearly 52 acres at 155 Dorset St. in Burlington, less than three miles from four colleges and universities, including the University of Vermont, and the University of Vermont Medical Center and airport Burlington International are less than a mile away. The property also enjoys excellent visibility from Interstate 89, one of Vermont’s busiest highways with average daily traffic exceeding 47,000. of the state’s population and 278,812 residents within a 25-mile radius, earning an average annual family income of $105,521.
The JLL Retail Capital Markets team advising the buyer was led by Senior Managing Directors Dave Monahan and Chris Angelone, Managing Director Cameron Pittman and Managing Director Nat Heald.
“Eastern Real Estate has made a number of savvy regional shopping center acquisitions over the past few years, and Taconic Capital has a proven track record of smart and opportunistic direct real estate investing,” Monahan said. “University Mall is a terrific addition to their portfolios, offering exceptional upside potential. Eastern and Taconic are a great team, and I’m thrilled to see the transformation of University Mall under their ownership.
The JLL Capital Markets Debt Advisory team included Managing Director Claudia Steeb and Senior Managing Director Brett Paulsrud.
“Securing debt that allows Eastern Real Estate and Taconic to continue their University Mall transformation was a key factor in selecting the lending group for this opportunity,” Steeb added. “HarborOne Bank and Berkshire Bank lenders have been flexible in providing terms to meet the needs of the ownership group.”
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s deep knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is sales and investment advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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