$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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!