Legacy Place. Picture courtesy of JLL Capital Markets
WS Growth and Nuveen Actual Property have refinanced Legacy Place, their 675,000-square-foot grocery-anchored, way of life middle in Dedham, Mass., with $190 million in first mortgage refinancing from Wells Fargo and Truist. JLL Capital Markets organized the funding.
Legacy Place was accomplished in 2009 and renovated in 2020 and 2022. The retail middle is anchored by Complete Meals, Apple, L.L. Bean and Showcase Cinemas. This Complete Meals reportedly is the chain’s most-visited location in Massachusetts, and Legacy Place reportedly is the most-visited way of life middle in New England.
Different tenants embody Nike, Athleta, Industrious, Shake Shack, Lululemon, Sephora, Sweetgreen and Yard Home.
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The earlier financing on the middle was a $200 million, 10-year mortgage originated by Wells Fargo Financial institution in April 2013, in response to CommercialEdge. Two models on the middle totaling 43,325 sq. toes are at present obtainable, the identical supply signifies.
The 37-acre website is at 300 Legacy Place Blvd., in Dedham, which enjoys a mean annual family revenue over $150,000.
In a ready assertion, Todd Rollins, who heads acquisitions and asset administration for Nuveen’s Northeast area, mentioned that regardless of macro-economic headwinds, well-located large-format retail properties anchored by sought-after tenants will proceed to thrive.
The JLL Retail Capital Markets Debt Advisory group was led by Senior Managing Director Brett Paulsrud, Senior Director Henry Schaffer and Affiliate Hugh Doherty, with help from Retail Funding Gross sales Advisors Chris Angelone and Zach Nitsche.
Conflicting dynamics
The metro Boston retail actual property market sits on the intersection of a excessive median family revenue and a modest regional improvement pipeline, however with a backdrop of inflation worries, in response to a report from Marcus & Millichap. Availability in Boston itself was simply 2.1 p.c as of late final 12 months, and facilities anchored by grocery and drug shops ought to retain attraction for buyers, the report acknowledged.
