JLL Income Property Trust Buys Grocery-Anchored Retail Center in Las Vegas for $63 Million
JLL Income Property Trust, an institutionally managed, daily valued perpetual life REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), purchased Montecito Marketplace, a grocery-anchored neighborhood shopping center located in Las Vegas, Nevada, for approximately $63 million.
The 190,000 square-foot property is fully leased, and is anchored by a Smith’s Grocery (a subsidiary of Kroger (NYSE: KR)) and TJ Maxx (NYSE: TJX) with the balance made up of national and regional necessity-based restaurants, banks and personal service tenants.
“Montecito Marketplace is an excellent fit within JLL Income Property Trust’s retail portfolio, as we increase exposure to high-quality, grocery-anchored centers in strong metropolitan markets,” said Allan Swaringen, president and CEO of JLL Income Property Trust. “This property’s irreplaceable location, high credit profile and long-term leases make it an excellent addition to our core, income-oriented portfolio.”
Montecito Marketplace is located just off the I-95/I-215 interchange with visibility to an estimated 52,000 vehicles per day, and is part of the larger 330-acre Montecito Town Center, a mixed-use development that is within close proximity to several large employers including military, hospitality and healthcare services.
In other company news, the REIT recently purchased a 210-unit multifamily property near Atlanta for $47 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 $1.5 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan, according to Summit Investment Research. As of June 30, 2017, the REIT’s $2.2 billion portfolio consisted of 69 properties.
