Madison International has acquired Legacy Place, the dominant open-air, grocery-anchored lifestyle center in New England. Legacy Place is located in Dedham, Mass., an affluent suburb of Boston.
JLL represented the seller, Nuveen Real Estate. Madison steps into an existing partnership with WS Development, a vertically integrated retail operator, which has had 50 percent ownership stake and has managed Legacy Place since its opening in 2009.
Legacy Place is located at the intersection of Interstate 95 and U.S. Route 1, providing accessibility and visibility.
The center, which opened in 2009, is approximately 37 acres and comprises 580,000 square feet of gross leasable area. Legacy Place is 99 percent 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.
