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JLL Income Trust Acquires Grocery-Anchored Center
JLL Income Property Trust acquired Milford Crossing, a newly-constructed, 160,000 square-foot neighborhood shopping center in Milford, MA, 24 miles from Boston. The purchase price for the 99% occupied, grocery-anchored center was approximately $42 million.
Milford Crossing’s centralized location serves more than 20 towns and communities in the surrounding trade area. Anchored by Stop & Shop, the Boston region’s dominant grocer by market share, the center is located at the well-trafficked junction of Interstate 495, Route 109 and Route 16.
“This investment aligns well with our objective of providing secure, durable, long-term income streams for investors, and make it an excellent addition to our core, income-oriented portfolio,” said Allan Swaringen, the daily NAV REIT’s president and CEO.
He noted that 80% of the square footage of the center is leased to credit tenants, with a weighted average lease term in excess of 10 years.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
