JLL Income Property Trust Buys Grocery-Anchored Retail Center in Scottsdale
JLL Income Property Trust, a daily valued perpetual life REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), purchased Kierland Village Center in the Phoenix suburb of Scottsdale, Arizona for $34.5 million.
Kierland Village Center is a 118,000 square-foot retail center shopping center within the Kierland master-planned residential and resort area. The property, which is located at the southeast corner of 64th Street and Greenway Road, is anchored by national grocer, Safeway. Additional tenants include Walgreens, Baskin Robbins, Einstein Brothers, Panda Express, Pizza Hut, Subway and The UPS Store.
“This acquisition demonstrates JLL Income Property Trust’s investment strategy to acquire high-quality, well-located grocery-anchored neighborhood and community-oriented retail centers which should provide longer-term, durable income for our portfolio,” commented Allan Swaringen, president and CEO of JLL Income Property Trust.
The city of Scottsdale has seen a nearly 10 percent increase in population since 2000, and is projected to grow at twice the national rate through 2020.
In other JLL Income news, the company recently purchased a newly constructed grocery-anchored shopping center in the Portland suburb of Beaverton, Oregon for $42.6 million.
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.
