JLL closes sale of Amherst retail center
Amherst Shopping Center is anchored by Big Y Supermarket and CVS
BOSTON, January 22, 2020 – JLL Capital Markets announced today that it has closed the sale of Amherst Shopping Center, an 81,702-square-foot shopping center anchored by Big Y Supermarket and CVS in Amherst, Massachusetts.
JLL marketed the property on behalf of the seller. Crosspoint Associates, Inc. purchased the asset.
Situated on 11.46 acres at 181 University Drive, Amherst Shopping center is the closest grocery and drug store location to both UMASS and Amherst College, which have a combined enrollment of nearly 33,000 students. The center is along University Road at the heavily travelled intersection with
Route 9, which averages about 19,000 vehicles per day. More than 39,000 residents earning an average annual household income of $80,218 live within a three-mile radius of the center. Completed in 1997, Amherst Shopping Center has been renovated throughout the years, including most recently in 2018. In addition to Big Y Supermarket and CVS, the 97%-leased center is home to Dunkin’ Donuts, Goodwill, VIP Nails, Supercuts and Omi Omy.
The JLL Retail Capital Markets team representing the seller was led by Executive Vice President Nat Heald and Managing Director Chris Angelone.
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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
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 more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Crosspoint Associates, Inc.
Headquartered in Waltham, Massachusetts, Crosspoint Associates, Inc. has over 2,500,000 square feet of office, industrial and retail real estate under management throughout New England. Established in 1989, Crosspoint Associates, Inc. is a regional real-estate development, investment, and management company. The company’s objective is to be a leader in commercial office, retail, and mixed-use real estate throughout New England. Crosspoint Associates, Inc. will best serve its investors, employees, and tenants needs by consistently creating and managing developments of lasting value to the communities in which the company develops or acquires them. Visit crosspointassociates.com for more information.