Newswire Mann Report

JLL Closes $278.15M Sale of Grocery-anchored Retail Portfolio

New Town Village in Owings Mills, Maryland (Photo via PRNewswire)

JLL’s capital markets group has closed the $278.153 million sale of a portfolio comprising eight grocery-anchored retail properties totaling 687,000 square feet in Atlanta; Dallas; Detroit; Los Angeles; Minneapolis; Orange County, California; Philadelphia and Washington, D.C. JLL represented the seller. Inland Real Estate Income Trust Inc. purchased the asset.

The portfolio is 88.5% leased with a weighted average lease term of 6.3 years, with 36% 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 in Smyrna, Georgia (Atlanta); Denton Village in Denton, Texas (Dallas); Northpark Square Village in Valencia, California (Los Angeles); Northville Park Place in Northville, Michigan (Detroit); City Place in Woodbury, Minnesota (Minneapolis);  Rusty Leaf Plaza in Orange, California (Orange County); Lower Makefield Shopping Center in Yardley, Pennsylvania (Philadelphia) and New Town Village in Owings Mills, Maryland (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.