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 across 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.
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.
