BOSTON– On behalf of mixed-use real estate developer LeylandAlliance, JLL’s Retail Capital Markets team announced the sale of the commercial portion of Storrs Center, Phase II.
Storrs Center is a dynamic mixed-use town-center property located immediately adjacent to the University of Connecticut campus in Storrs, Connecticut. An affiliate of ACF Property Management purchased the property for $13,100,000.
According to JLL Managing Director Chris Angelone, “Storrs Center offered investors a unique opportunity to acquire a property that serves as the town center for the UConn campus and its more than 30,000 students and faculty.”
LeylandAlliance is the master developer of Storrs Center. Working in partnership with collegiate housing REIT, EdR, and the Mansfield Downtown Partnership, LeylandAlliance created a highly successful town center and mixed-use community that has transformed this university town.
Storrs Center boasts a prime location along Storrs Road (Route 195) adjacent to UConn, the Town Hall, the regional high school, and the Mansfield community center. The $220 million project was completed in phases and created one of the premier mixed-use town center and main street projects in the country. Phase II of the project consists of 34,500 square feet of ground floor retail and office space, with a dynamic line up of local and national retailers including Amazon, Blaze Pizza, Dunkin Donuts and T-Mobile, as well as 205 residential units.
“As a company that specializes in developing innovative communities, LeylandAlliance could not be more proud of Storrs Center,” said LeylandAlliance CEO Howard Kaufman. “It is rewarding to see that the vision of a vibrant downtown community has become a reality. It has been a pleasure to work with our team and community during the development of Storrs Center.”
Managing Director Chris Angelone and Executive Vice President Nat Heald led the JLL team on the transaction, along with Vice President Jessica Dowd and Associate Scott Carpenter.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $136 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.