JLL’s Capital Markets group arranged the recapitalization of Legacy Place, a 580,000-square-foot open-air, grocery-anchored lifestyle center in Dedham, MA. Although financial terms were not disclosed, the Boston Business Journal reported that the deal values the center at about $350 million.

A JLL team of senior managing director Chris Angelone, director Zach Nitsche and associate Hugh Doherty represented the seller, Nuveen Real Estate. The buyer was Madison International Realty, LLC, which steps into an existing partnership with WS Development. WS has had a 50% ownership stake and has managed Legacy Place since opening in 2009.

“The sale of a 50% ownership stake at Legacy Place underscores the continued investor appetite for best-in-class retail assets in prime locations,” said Angelone. “The property’s strategic position in the Boston market and its dominant performance make it an excellent addition to Madison’s portfolio. It was a privilege to work on this transaction alongside WS Development.”

At Madison International, president Ronald Dickerman said, “We’re pleased to partner once again with WS Development on a best-in-class retail asset and look forward to identifying future opportunities for Madison to provide innovative liquidity solutions in line with our bespoke business model. We believe Legacy Place’s quality tenant base and high occupancy position the property to outperform in the years to come.”