JLL closes $30.05M sale of super-regional mall and adjacent Wegmans in Buffalo submarket
The property benefits from an infill New York location with extensive highway access
MORRISTOWN, N.J., July 12, 2019 – JLL announces that it has closed the $30.05 million sale of Boulevard Mall, a 961,800-square-foot, super-regional mall within a Qualified Opportunity Zone in the Buffalo-area community of Amherst, New York. An adjacent Wegmans grocery store was included in the transaction for $6 million.
JLL marketed the property in conjunction with Ten-X on behalf of the seller. Douglas Development Company was the purchaser.
Situated on 64 acres at 730 Alberta Drive, Boulevard Mall is visible to more than 34,000 vehicles per day and is just off the corner of Maple Road and Niagara Falls Boulevard. The property benefits from an infill location with extensive highway access within the North Buffalo Retail submarket, one of the largest and most affluent retail marketplaces in the western part of New York. Originally completed in 1962, the mall was renovated in 2000 and is home to a variety of tenants, including DICK’s Sporting Goods, Macy’s, American Eagle Outfitters and Michaels. The adjacent Wegmans site is a ground lease on nearly eight acres supporting a store of approximately 120,000 square feet.
The JLL Capital Markets team included senior managing directors Jose Cruz and Kevin O’Hearn, managing director Claudia Steeb, senior director Michael Oliver and real estate analyst Ryan Robertson.
“We were very pleased with the overall investment markets reaction to this offering,” Cruz said. “The demographics, property location and upside in the mall combined with the Wegmans helped to drive investor demand for the assets.”
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Douglas Development Corporation
For three decades, Douglas Development Corporation has garnered redevelopment successes in the District of Columbia, as well as in suburban Virginia and Maryland. Douglas Development has earned a reputation for revitalizing underdeveloped, emerging areas and continues to win praise from local government authorities, community members, neighbors and the real estate community at large. Visit https://douglasdevelopment.com for more information.