JLL closes $278.15M sale of grocery-anchored retail portfolio

Rhea-AI Summary

On June 15, 2022, JLL announced the successful sale of a grocery-anchored retail portfolio for $278.153 million. This portfolio consists of eight properties totaling 687,000 square feet located in affluent markets such as Atlanta, Dallas, and Los Angeles. Currently, the portfolio is 88.5% leased with a weighted average lease term of 6.3 years. Major tenants include grocery giants like Whole Foods and Target. This transaction reflects strong national demand for well-located retail assets in key markets.

Positive

• Sale of grocery-anchored retail portfolio for $278.153 million indicates strong market demand.
• Portfolio consists of 687,000 square feet, 88.5% leased with a 6.3-year average lease term.
• Diverse tenant mix includes major grocery chains, providing income stability.

Negative

• None.

Portfolio comprises eight properties in the Northeast, Southeast, Texas and California, demonstrating the continued national demand for grocery-anchored assets

WASHINGTON, June 15, 2022 /PRNewswire/ -- JLL's Capital Markets group announced today that it has closed the $278.153 million sale of a portfolio comprising eight grocery-anchored retail properties totaling 687,000 square feet across affluent markets in Atlanta, Dallas, Detroit, Los Angeles, Minneapolis, Orange County, Philadelphia and Washington, D.C.

JLL represented the seller. Inland Real Estate Income Trust, Inc. purchased the asset.

The portfolio is 88.5 percent leased with a weighted average lease term of 6.3 years, with 36 percent of the total space designated as grocery square footage. Tenants include some of the top grocery chains in the U.S., including Ralphs, Target, Whole Foods Market, Giant, Trader Joe's and Sprouts Farmers Market, along with Nordstrom Rack, Starbucks, Rite Aid and Sierra Trading Post.

The portfolio consists of:

• Olde Ivy Village, 4330 East-West Connector, Smyrna, GA (Atlanta)
• Denton Village, 4930 Teasley Lane, Denton, TX (Dallas)
• Northpark Square Village, 27706-27776 McBean Pkwy., Valencia, CA (Los Angeles)
• Northville Park Place, 18771-39869 Traditions Dr., Northville, MI (Detroit)
• City Place, 205 Radio Dr., Woodbury, MN (Minneapolis)
• Rusty Leaf Plaza, 2512-2560 E. Chapman Ave., Orange, CA (Orange County)
• Lower Makefield Shopping Center, 700 Stony Hill Rd., Yardley, PA (Philadelphia)
• New Town Village, 9700 Groffs Mill Dr., Owings Mills, MD (Washington, D.C.)

These properties are surrounded by dense populations in affluent markets with the average household income within a three-mile radius exceeding $130,000.

The JLL Capital Markets team representing the seller was led by Managing Director Bill Moylan and Senior Managing Director and Co-Head of U.S. Retail Capital Markets Chris Angelone, along with Senior Managing Directors Barry Brown, James Galbally, Jim Hamilton and Geoff Tranchina and Managing Director Amy Sands.

"This trade is a terrific example of another high-quality grocery-anchored portfolio of scale trading in dense markets," Angelone said. "This portfolio provides geographic diversity, income diversity and tenancy diversity, and, although there is a little choppiness in the markets, we are seeing no slowdown in demand for well-located opportunities across the country."

The JLL Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The team's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

About Inland Real Estate Income Trust, Inc.
Inland Real Estate Income Trust, Inc. was formed to acquire, directly or indirectly, a portfolio of commercial real estate located throughout the United States with a focus specifically on grocery-anchored retail assets. Inland Real Estate Income Trust, Inc. was sponsored by Inland Real Estate Investment Corporation. For more information, please visit inland-investments.com.

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion in 2021, operations in over 80 countries and a global workforce more than 100,000 as of March 31, 2022. For further information, visit jll.com.

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Contact: Kimberly Steele, JLL Sr. Manager, Public Relations
Phone: +1 713 852 3420
Email:  Kimberly.Steele@am.jll.com

 

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SOURCE JLL

FAQ

What was the sale price of JLL's grocery-anchored retail portfolio?

The sale price of the portfolio was $278.153 million.

How many properties are included in JLL's recent retail sale?

The portfolio includes eight grocery-anchored retail properties.

What is the leasing status of the grocery-anchored retail portfolio sold by JLL?

The portfolio is 88.5% leased.

Who purchased the grocery-anchored retail portfolio from JLL?

The buyer of the portfolio is Inland Real Estate Income Trust.

What markets are represented in JLL's grocery-anchored retail portfolio?

The properties are located in markets including Atlanta, Dallas, and Los Angeles.