Taconic Capital Advisors and Eastern Real Estate Partner to Acquire 617,000 Square Foot University Mall : NEREJ
South Burlington, Vermont Taconic Capital Advisors and Eastern Real Estate have partnered to acquire University Mall.
The 617,000 square foot shopping destination is the state’s largest, as well as one of the most visited in the state, with approximately 3.9 million annual visitors. The property includes an 85,500 square foot JCPenney, an 86,000 square foot Kohl’s, a 48,000 square foot Hannaford Brothers grocery store and a first and only 60,000 square foot Target-Target store to open in Vermont. With over 50 local and national shops and restaurants, the property is 95% occupancy and is a major retail hub for shoppers from across the region, including Quebec.
“We are excited to be part of the future of University Mall with partners committed to making this location a positive and lasting part of the South Burlington community,” said Alex Fleming, principal of Taconic Capital. “The property has been a gathering place for decades and our commitment is to build on its success as a vital business and economic asset for Vermont.”
Eastern RE director Andrew Hayes will oversee the mall’s planning, leasing strategy and overall positioning, while KeyPoint Partners, led by Heather Tremblay, will retain its role as property manager.
“Eastern has extensive experience across the country, but what sets us apart is our deep commitment to placemaking, which means each space is unique to its environment and community,” said Hayes. “We are thrilled to be part of the fabric of the South Burlington community and to contribute to its vibrancy. »
The new owners are exploring a range of plans to revitalize the mall, which is located less than a mile from the University of Vermont, the University of Vermont Medical Center and Burlington International Airport and provides access to I-89 and Williston Rd.
South Burlington City Manager Jessie Baker welcomed Taconic and Eastern to the community. “I had the opportunity to get to know this team as they considered the acquisition of University Mall and I believe they will be a strong partner and a positive addition to South Burlington,” she said. . “I appreciate their corporate culture of asking, ‘What are your goals and how can we help you achieve them?’ I look forward to working together to advance South Burlington’s vision.