Dedham, Mass. — Madison International Realty has purchased a 50 percent ownership stake of Legacy Place, a 580,000-square-foot shopping center located in the Boston suburb of Dedham, from Nuveen Real Estate. As part of the recapitalization, Madison joins a partnership with WS Development, who has held a 50 percent ownership stake and managed the center since its opening in 2009. Chris Angelone, Zach Nitsche and Hugh Doherty of JLL’s Investment Sales and Advisory team represented Nuveen Real Estate in the transaction.
The center — which is situated on 37 acres — was 99 percent leased at the time of sale and features a mix of retail, dining and entertainment options, including brands like Whole Foods Market, Apple, lululemon, Nike and L.L. Bean.