JLL closes $278.15M sale of grocery-anchored retail portfolio

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Jun 15, 2022, 11:15 ET

Portfolio comprises eight properties in the Northeast, Southeast, Texas and California, demonstrating the continued national demand for grocery-anchored assets

WASHINGTON, June 15, 2022 /PRNewswire/ -- JLL's Capital Markets group announced today that it has closed 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, D.C.

JLL represented the seller. Inland Real Estate Income Trust, Inc. purchased the asset.

New Town Village in Owings Mills, Maryland

The portfolio is 88.5 percent leased with a weighted average lease term of 6.3 years, with 36 percent 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, D.C.)

These properties are surrounded by dense populations in affluent markets with the average household income within a three-mile radius exceeding $130,000.

The JLL Capital Markets team representing the seller was led by Managing Director Bill Moylan and Senior Managing Director 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.

"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."

The JLL Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The team's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About Inland Real Estate Income Trust, Inc.
Inland Real Estate Income Trust, Inc. was formed to acquire, directly or indirectly, a portfolio of commercial real estate located throughout the United States with a focus specifically on grocery-anchored retail assets. Inland Real Estate Income Trust, Inc. was sponsored by Inland Real Estate Investment Corporation. For more information, please visit inland-investments.com.

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion in 2021, operations in over 80 countries and a global workforce more than 100,000 as of March 31, 2022. For further information, visit jll.com.

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SOURCE JLL