JLL Income Property Trust, an institutionally managed daily NAV real estate investment trust, has purchased Milford Crossing, a new 160,000 square-foot grocery-anchored neighborhood shopping center in Milford, Massachusetts, roughly 24 miles from Boston. The purchase price was approximately $42 million.
The property is anchored by a Stop & Shop grocery store, that includes a full-service pharmacy, Starbucks and Citizen’s Bank. Stop & Shop is Boston’s dominant grocer by market share and its parent has an investment grade credit rating. The 99 percent occupied shopping center is leased to a mix of tenants that include restaurants, medical, fitness and service-oriented retailers.
“Milford Crossing is an excellent fit within JLL Income Property Trust’s strategy to acquire higher quality, well-located core, income-producing properties in primary markets around the country…,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “Eighty percent of the square footage of this center is leased to credit tenants and with a weighted average lease term in excess of 10 years…”
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) owns and manages a multi-billion-dollar portfolio of apartment, industrial, office and retail properties located in the United States. The REIT has raised approximately $1.9 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan.