JLL Brokers $278 Million Sale of Eight-Property Grocery-Anchored Retail Portfolio
Oak Brook, Ill. — JLL’s Capital Markets group has arranged the $278 million sale of an eight-property, grocery-anchored retail portfolio. The buyer was Inland Real Estate Income Trust Inc.
The properties were 88.5 percent leased at the time of sale to tenants including Ralphs, Target, Whole Foods Market, Giant, Trader Joe’s, Sprouts Farmers Market, Nordstrom Rack, Starbucks Coffee, Rite Aid and Sierra Trading Post.
The properties span 687,000 square feet and include:
- Olde Ivy Village, located outside of Atlanta at 4330 East-West Connector in Smyrna, Georgia;
- Denton Village, located at 4930 Teasley Lane in the Dallas suburb of Denton, Texas;
- Northpark Square Village, located at 27706-27776 McBean Parkway in the metro Los Angeles community of Valencia, California;
- Northville Park Place, located at 18771-39869 Traditions Drive in Northville, Michigan, outside of Detroit;
- City Place, located eight miles east of Saint Paul at 205 Radio Drive in Woodbury, Minnesota;
- Rusty Leaf Plaza, located at 2512-2560 E. Chapman Ave. in Orange, California;
- Lower Makefield Shopping Center, located at 700 Stony Hill Road in Yardley, Pennsylvania, outside Philadelphia; and
- New Town Village, located at 9700 Groffs Mill Drive in the metro Washington, D.C., community of Owings Mills, Maryland.
Bill Moylan, Chris Angelone, Barry Brown, James Galbally, Jim Hamilton, Geoff Tranchina and Amy Sands of JLL represented the undisclosed seller in the disposition of the properties to Oak Brook, Illinois-based Inland.
“This trade is a terrific example of another high-quality, grocery-anchored portfolio of scale trading in dense markets,” says Angelone. “This portfolio provides geographic diversity, income diversity and tenancy diversity. Although there is a little choppiness in the markets, we are seeing no slowdown in demand for well-located opportunities across the country.”
Inland Real Estate Income Trust Inc. was formed to acquire a portfolio of commercial real estate properties located across the U.S., with a specific focus on grocery-anchored retail centers. Inland Real Estate Income Trust Inc. is sponsored by Inland Real Estate Investment Corp.