JLL closes sale of Lordens Plaza
Grocery-anchored shopping center located in Milford, New Hampshire sells to Bridge33 Capital
BOSTON, July 19 2019 – On behalf of LNR as Special Servicer, JLL’s Retail Capital Markets team today announced the sale of Lordens Plaza to Seattle-based Bridge33 Capital.
As stated by JLL Executive Vice President, Nat Heald: “we appreciate the opportunity to facilitate this transaction between two exceptional organizations.” Bridge33 closed all cash and moved quickly and decisively through the process to acquire an established asset in a growing market. Similarly, LNR, in their role as Special Servicer, was an excellent steward of the property during their ownership and was rewarded with a strong purchase price.”
Lordens Plaza is a 148,102-square-foot grocery-anchored shopping center located in Milford, New Hampshire at the intersection of State Routes 101 and 101A, the region’s primary retail trade area. Neighbored by both Manchester and Nashua, the plaza’s exceptional location allows for access and visibility to over 25,000 vehicles per day. Lordens Plaza is home to a well-established Shaw’s Supermarket, the only grocery store within a 5-mile radius, as well as a diverse mix of in-line tenants including Rite Aid and Fresenius Medical Care.
Bryce Peterson, COO of Bridge33 Capital, said: “With its strong location, a top performing Shaw’s, and a host of other established businesses, Lordens Plaza is the premier retail center in Milford. Our team is excited to continue to improve the property and to bring new tenants to the center.”
Executive Vice President Nat Heald and Managing Director Chris Angelone led the JLL team on the transaction.
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 2018 alone, the firm’s 2,400 Capital Markets specialists completed $179 billion in investment sale and debt and equity transactions globally.
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.
Based in Seattle with offices in Las Vegas and New York, Bridge33 Capital LLC is a vertically integrated real estate company focused on value-add investments. Since 2013, Bridge33 has acquired over 3.4 million square feet of retail and office properties in 16 states. www.bridge33capital.com