JLL Capital Markets Closes on Nationwide Portfolio of Grocery Anchored Retail Venues
JLL’s Capital Markets group has closed on 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, DC.
The JLL Capital Markets team representing the seller was led by managing director Bill Moylan 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. Inland Real Estate Income Trust, Inc. purchased the asset.
The portfolio is 88.5% leased with a weighted average lease term of 6.3 years, with 36% 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, DC)
“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.”
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