JLL facilitates recapitalization of Boston-area retail center

BOSTON, Mar. 13, 2025 –  JLL’s Capital Markets group announced today that it has arranged the recapitalization of Legacy Place, the dominant open-air, grocery-anchored lifestyle center in New England. Legacy Place is located in Dedham, Massachusetts, an affluent suburb of Boston.

JLL represented the seller, Nuveen Real Estate. The buyer was Madison International Realty, LLC. Madison steps into an existing partnership with WS Development, one of the leading vertically integrated retail operators in the space, which has had 50% ownership stake and has managed Legacy Place since opening in 2009.

Legacy Place is strategically located at the intersection of I-95 and Rte-1, providing excellent accessibility and visibility. This prime location mainly draws visitors from the surrounding affluent western suburbs of Boston but boasts an over 30 mile trade area and welcomes seven million visitors annually from across New England.

The center, which opened in 2009, spans approximately 37 acres and comprises 580,000 square feet of gross leasable area. Legacy Place is 99% occupied, featuring a mix of high-end retail, dining and entertainment options, including popular brands such as Whole Foods Market, Apple, Lululemon, Nike and L.L. Bean.

JLL’s Investment Sales and Advisory team representing the seller was led by Senior Managing Director Chris Angelone, Director Zach Nitsche and Associate Hugh Doherty.

"The sale of a 50% ownership stake at Legacy Place underscores the continued investor appetite for best-in-class retail assets in prime locations," Angelone commented. "The property's strategic position in the Boston market and its dominant performance make it an excellent addition to Madison's portfolio. It was a privilege to work on this transaction alongside WS Development."

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Madison International Realty (www.madisonint.com) is a leading liquidity provider to real estate investors worldwide. Madison provides equity capital for real estate owners and investors seeking to monetize embedded equity, replace capital partners seeking an exit or to recapitalize balance sheets. The firm provides equity for recapitalizations, partner buyouts and capital infusions and acquires joint venture, limited partner and co-investment interests as principals. In addition, Madison provides strategic growth capital to established, middle-market real estate operating platforms, seeking to accelerate their growth and investment programs. Madison has offices in New York, Los Angeles, London, Luxembourg, Amsterdam, Singapore and Frankfurt, where the firm operates under the name of Madison International Realty GmbH.

Massachusetts-based WS Development is a mixed-use developer with a singular mission: creating places people want to be. With an approach that values art, science, innovation and, above all else, people, WS strives to engage each community it serves with best-in-class experiences, designed with our customers, tenants and partners in mind. Established in 1990, WS is one of few vertically-integrated real estate companies that conceptualizes, owns, operates and leases more than 100 properties that range from cutting-edge urban spaces to lifestyle and community centers. With over 22 million square feet of existing space and an additional nine million square feet under development, it is one of the largest privately-owned development firms in the country. For more information, visit www.wsdevelopment.com, call (617) 232-8900 or follow WS Development on LinkedIn.

Legacy Place offers an electric shopping, dining and entertainment experience with a selection of 75+ leading brands, including Whole Foods Market, West Elm, Kendra Scott, Aerie, Pure Barre, Showcase Cinema de Lux, Apple, Anthropologie, The Capital Grille, Shake Shack, L.L. Bean, Il Massimo, Caffè Nero, sweetgreen and lululemon. Since opening in 2009, the outdoor shopping center has continued to be the region’s leading shopping and lifestyle destination for its ability to set retail trends, support nonprofits, and create dynamic events. Legacy Place is a joint venture between WS Development and National Amusements. It is located at 680 Legacy Place Dedham, MA 02026. For more information, visit www.legacyplace.com, download the new Legacy Place Insider app to unlock exclusive rewards and perks from various businesses, and follow Legacy Place on social media to stay up-to-date with all upcoming happenings: @legacyplace on Instagram and Facebook.