JLL Income Property Trust Acquires Grocery-Anchored Retail Center Near Portland
JLL Income Property Trust, a daily valued perpetual life real estate investment trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), purchased Timberland Town Center, a newly constructed grocery-anchored shopping center located in the affluent Portland suburb of Beaverton, Oregon. The purchase price was approximately $42.6 million.
The 92,000-square-foot Timberland Town Center is 100 percent leased to a mix of grocery, retail, restaurant, personal and professional service tenants with an average remaining lease term of 14 years. Timberland Town Center is anchored by Market of Choice, a local grocer, and features tenants such as Sprint, H&R Block and Orange Theory Fitness.
“The acquisition of Timberland Town Center reinforces JLL Income Property Trust’s strategy to invest in high-quality, grocery-anchored retail centers located in desirable demographic areas,” commented Allan Swaringen, president and CEO of JLL Income Property Trust. “This is our 11th grocery-anchored retail acquisition, demonstrating our preference for necessity and experiential-driven shopping formats with complementary and synergistic tenant rosters, bringing our aggregate retail portfolio investment to more than $630 million.”
Beaverton has an unemployment rate of less than 4 percent and is home to several large employers including Intel, the region’s top employer with more than 17,000 staff and Nike World Headquarters with more than 8,000 workers.
Jones Lang LaSalle Income Property Trust owns and manages a portfolio of office, retail, industrial and apartment properties located primarily in the United States. Since 2012, the company has raised a total of approximately $1.2 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan. As of June 30, 2016, it owned interests in 62 properties, of which 61 are located in the U.S. and one is located in Canada.
