Photo courtesy of JLL

A new investor joined Newton-based WS Development in ownership of the 580,000-square-foot Legacy Place lifestyle center in Dedham.

Madison International Realty replaced Nuveen Real Estate’s 50 percent ownership share in the retail center which was developed in 2009, and is currently 99 percent leased to tenants including Whole Foods Market, Apple, Lululemon, Nike and L.L. Bean.

Terms were not disclosed, but the Boston Business Journal reported the transaction valued the center at $350 million.

“A leading retail and lifestyle destination for greater Boston, we expect centers like Legacy Place to continue to see strong footfall and consumer demand in line with changing lifestyles and the retail resurgence. Madison anticipates continuing being active in this asset class,” President Ronald Dickerman said in a statement.

The firm now owns 2.8 million square feet of retail space.

JLL’s capital markets team represented Nuveen in the transaction. The property spans 37 acres and has a trade area of more than 30 miles, attracting seven million annual visitors, according to JLL.

JLL’s Senior Managing Director Chris Angelone, Director Zach Nitsche and Associate Hugh Doherty represented Nuveen in the transaction.

Wells Fargo and Truist provided $190 million in first mortgage refinancing for the property in 2023.