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JLL Income Property Trust Acquires $15M Retail Center in Durham
JLL Income Property Trust has acquired Patterson Place a 25,000-square-foot retail center in Durham, NC for $14.5 million. The retail property is anchored by Duke Medical Plaza, which was recently acquired by JLL Income Property Trust.
“We have conviction in the Raleigh market and believe the outlook for retail with a strong anchor tenant looks positive as pandemic restrictions ease and consumer spending remains elevated,” said JLLIPT president and CEO Allan Swaringen.
Patterson Place tenants include national retailers such as Five Guys, AT&T and Moe’s. The weighted average lease term is greater than five years.
The property’s location just off of Interstate 40 puts it at the center of a key regional connector between Durham, Research Triangle Park and Raleigh and makes it accessible to Duke University and University of North Carolina, both of which are just a 10-minute drive.
JLLIPT’s retail allocation is 14 properties in 13 key markets valued at $789 million.
- ◦Sale/Acquisition
