Non-traded daily valued perpetual life real estate investment trust (REIT) JLL Income Property Trust (JLL IPT) announced today it acquired a newly constructed grocery-anchored shopping center for $48.5 million.
Located in Skokie, Illinois just outside of Chicago, Skokie Commons consists of 93,000 square feet and is 97 percent leased. It’s anchored by Mariano’s, a supermarket and specialty grocer with 30 stores in the Chicago area.
“This investment provides exposure to a major metropolitan city and builds upon our other recent grocery anchored acquisitions in California and Texas,” commented Allan Swaringen, President and CEO of JLL Income Property Trust.
Situated 16 miles northwest of downtown Chicago and only 12 miles from O’Hare International Airport, Skokie provides a convenient suburb location for over 64,000 residents and 2,400 businesses.
Swaringen added, “Skokie Commons is anchored by a strong, new age grocer in a demographic area ranking in the top five percent in population density.”
Mariano’s opened its first store in 2010 and has quickly established itself as a high-end, reasonably priced grocer providing the middle and upper-middle-class an extraordinary shopping experience.
Other tenants of the property include Starbucks, Bank of America, Long Horn Steakhouse, and Noodles & Company.
JLL IPT financed the acquisition with a fixed interest rate loan of 3.31 percent for 10 years at about 50 percent loan to value.