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JLL IPT Extends Grocery Anchor Leases in DFW, Vegas
JLL Income Property Trust (IPT) recently completed a pair of long-term lease extensions with grocery anchors within its nine-state portfolio. These include a 65,000-square-foot, 10-year extension with Kroger at Oak Grove Plaza in Sachse, north of Dallas; and an extension on the same terms with Smith’s at Montecito Marketplace in Las Vegas.
The Sachse lease will keep Kroger at Oak Grove Plaza through 2033, while Smith’s remains in its 65,000-square-foot anchor-grocery spot until 2035.
“Negotiated during the depths of the pandemic, these two lease extensions highlight the relative stability and attractiveness of this high-performing subsector of an overall challenged retail property market,” said Allan Swaringen, president and CEO of JLL IPT.
He continued, “It also highlights the underlying value of our investment strategy focused on acquiring high-quality, well-located grocery-anchored centers. Our conviction with this one format of retail properties remains high.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Lease
