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$60M Puts Vermont’s Busiest Shopping Center in the Bag
JLL has advised on the $60-million purchase of — and arranged $36.27 million in acquisition financing for — University Mall, a 617,000-square-foot, grocery- and Target-anchored enclosed regional mall in South Burlington, VT.
A JLL team of Dave Monahan, Chris Angelone, Cameron Pittman and Nat Heald advised a joint venture between Eastern Real Estate and Taconic Capital on their acquisition. In addition, JLL’s Claudia Steeb and Brett Paulsrud secured a non-recourse acquisition loan from HarborOne Bank and Berkshire Bank on behalf of the new owners.
With an estimated 3.9 million visitors per year, University Mall generates more foot traffic than any other shopping center in VT according to JLL. The 96.3% leased mall is the largest enclosed shopping center in the state and is anchored by Hannaford Supermarkets and Target’s first and only store in Vermont.
The 52-acre University Mall is less than three miles from four colleges and universities and the Burlington International Airport.
- ◦Sale/Acquisition
