Boulevard Mall at 730 Alberta Drive in Amherst, New York
By Joshua Burd
A brokerage team based in JLL’s Morristown office has arranged the sale of a nearly 1 million-square-foot, super-regional mall outside Buffalo, New York.
The firm announced Friday that it marketed the property, Boulevard Mall at 730 Alberta Drive in Amherst, New York, in conjunction with Ten-X. Douglas Development Co. acquired the 961,800-square-foot complex for $30.05 million, HFF said, noting that the property sits within a federally designated Opportunity Zone.
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 the Wegmans helped to drive investor demand for the assets.”
The transaction included an adjacent Wegmans grocery store that sold for $6 million, HFF said. Located on 64 acres, Boulevard Mall benefits from an infill location with extensive highway access within North Buffalo, one of the largest and most affluent retail submarkets western New York.
The 57-year-old mall was renovated in 2000 and is home to tenants including DICK’s Sporting Goods, Macy’s, American Eagle Outfitters and Michaels, HFF said. The adjacent Wegmans site is a ground lease on nearly eight acres, supporting a store of roughly 120,000 square feet.