JLL Likes Portland Suburb; Buys Retail for $43M

JLL Income Property Trust has invested $42.6 million to acquire Timberland Town Center in the Portland, OR suburb of Beaverton. The Chicago-headquartered REIT bought the 92,000-square-foot, grocery-anchored center from Gramor Development. Capital Pacific LLC brokered the transaction.

The retail asset at Northwest Cornell and Northwest 118th Avenue is anchored by Market of Choice, a local grocer. Additional tenants include Spring, H&R Block and Orange Theory Fitness. Timberland is 100% leased, with the average remaining lease term 14 years.

The transaction brings JLL Income Property’s retail portfolio investment to $630 million. The REIT’s target is high-quality, grocery-anchored retail centers in desirable demographics.

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