News: Brokerage

JLL closes $30.05 million sale for Ten-X; Douglas Development Co. is buyer of 961,800 s/f property

Amherst, NY JLL has closed the $30.05 million sale of Boulevard Mall, a 961,800 s/f, super-regional mall within a Qualified Opportunity Zone located at 730 Alberta Dr. An adjacent Wegmans grocery store was included in the transaction for $6 million.

Jose Cruz,
JLL

 

Kevin O’Hearn,
JLL

 

JLL marketed the property in conjunction with Ten-X on behalf of the seller. Douglas Development Co. was the purchaser. 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 Wegmans helped to drive investor demand for the assets.”

Situated on 64 acres, Boulevard Mall is visible to over 34,000 vehicles per day. 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 120,000 s/f.

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Strategic pause - by Shallini Mehra and Chirag Doshi

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
AI comes to public relations, but be cautious, experts say - by Harry Zlokower

AI comes to public relations, but be cautious, experts say - by Harry Zlokower

Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,