Taconic Capital Advisors and Eastern Real Estate have partnered to acquire University Mall in South Burlington.
The 617,000-square-foot shopping destination is the largest in Vermont, as well as the most-visited in the state, with an estimated 3.9 million annual visitors. The property features an 85,500-square-foot JCPenney, an 86,000-square-foot Kohl’s, a 48,000-square-foot Hannaford Brothers grocery store, and a 60,000-square-foot Target – Target’s first and only store to open in Vermont. With over 50 local and national shops and restaurants, the property is 95 percent occupied and a major retail hub for shoppers from across the region, including Quebec.
“We are excited to be part of the University Mall’s future with partners who care about making this place a positive and enduring part of the South Burlington community,” said Alex Fleming, director, Taconic Capital Advisors. “The property has been a gathering place for decades and our commitment is to build on its success as a vital retail and economic asset for Vermont.”
Eastern Real Estate director, Andrew Hayes will oversee the planning, leasing strategy and overall positioning of the mall, while longtime local leaders, KeyPoint Partners, led by Heather Tremblay will maintain its role as property manager.
“Eastern has extensive experience across the country, but what sets us apart is our deep commitment to place-making and that means ensuring each space is unique to its setting and community,” said Andrew Hayes, of Eastern Real Estate. “We are thrilled to part of the fabric of the South Burlington community and contributing to its vibrancy.”
The new owners are exploring a range of plans to reenergize the mall, which is located less than one mile from the University of Vermont, The University of Vermont Medical Center and the Burlington International Airport and provides direct access to Interstate 89 and Williston Road.
Jessie Baker, South Burlington City Manager, welcomed Taconic and Eastern to the community. “I have had the opportunity to get to know this team as they considered the University Mall acquisition and I believe they will be a strong partner and 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 our work together to further the vision of South Burlington.”