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News release

BOSTON

JLL Closes Sale of Storrs Center for $13,100,000

ACF Property Management purchases latest retail phase of premier Connecticut mixed-use project


BOSTON, September 5, 2017 - On behalf of mixed-use real estate developer LeylandAlliance, JLL's Retail Capital Markets team today announced the sale of the commercial portion of Storrs Center, Phase II. Storrs Center is a dynamic mixed-use town-center property located immediately adjacent to the University of Connecticut campus in Storrs, Connecticut. An affiliate of ACF Property Management purchased the property for $13,100,000.

According to JLL Managing Director Chris Angelone, "Storrs Center offered investors a unique opportunity to acquire a property that serves as the town center for the UConn campus and its more than 30,000 students and faculty."

LeylandAlliance is the master developer of Storrs Center. Working in partnership with collegiate housing REIT, EdR, and the Mansfield Downtown Partnership, LeylandAlliance created a highly successful town center and mixed-use community that has transformed this university town. Storrs Center boasts a prime location along Storrs Road (Route 195) adjacent to UConn, the Town Hall, the regional high school, and the Mansfield community center. The $220 million project was completed in phases and created one of the premier mixed-use town center and main street projects in the country. Phase II of the project consists of 34,500 square feet of ground floor retail and office space, with a dynamic line up of local and national retailers including Amazon, Blaze Pizza, Dunkin Donuts and T-Mobile, as well as 205 residential units.

"As a company that specializes in developing innovative communities, LeylandAlliance could not be more proud of Storrs Center," said LeylandAlliance CEO Howard Kaufman. "It is rewarding to see that the vision of a vibrant downtown community has become a reality. It has been a pleasure to work with our team and community during the development of Storrs Center."

Managing Director Chris Angelone and Executive Vice President Nat Heald led the JLL team on the transaction, along with Vice President Jessica Dowd and Associate Scott Carpenter.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $136 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.

About LeylandAlliance

LeylandAlliance is focused on the creation of mixed-use, highly sustainable neighborhoods founded upon the principles of New Urbanism.  Our neighborhoods foster a sense of community, embrace tradition, and set new standards for urban development, innovative construction, and environmental responsibility.   As a mixed-use developer, LeylandAlliance has gained extensive experience developing retail and office property.  As a result, we now have a Commercial Division, which is currently developing retail and office projects in New York, Connecticut, and North Carolina.  For more information, visit www.leylandalliance.com.