By Mihaela Coste
JLL Income Property Trust acquired Montecito Marketplace, a 190,000-square-foot grocery-anchored neighborhood shopping center located in Las Vegas for approximately $63 million. The seller remained undisclosed.
Located at 7000-7170 N. Durango Drive just off Interstate 95, Montecito Marketplace benefits of visibility to approximately 52,000 vehicles per day and has a 93 percent STARS score. LaSalle’s Supermarket Trade Area Ranking System (STARS) analyzes more than 40,000 grocery-anchored centers based on spending power and competition in the trade area. Within a five-mile radius of the property reside more than 200,000 people earning an average household income of $89,000, value that is anticipated to increase to $99,000 by 2022, according to Esri.
The asset built in 2007 is fully leased and is anchored by Smith’s Grocery, a subsidiary of Kroger and TJ Maxx. The tenure mix includes Chipotle, Starbucks, Chase, H&R Block, Pizza Hut and FedEx Kinkos. Earlier this year, a Target-anchored Las Vegas shopping center traded for $17.5 million.
“Montecito Marketplace is an excellent fit within JLL Income Property Trust’s retail portfolio, as we increase exposure to high-quality, grocery-anchored centers in strong metropolitan markets,” said Allan Swaringen, president & CEO of JLL Income Property Trust, in a prepared statement “This property’s irreplaceable location, high credit profile and long-term leases make it an excellent addition to our core, income-oriented portfolio.“
JLL Income Property Trust is a REIT that gives investors access to a growing portfolio of commercial real estate investments, located in well-established metropolitan locations that have the potential for population or employment growth.
Image courtesy of JLL Income Property Trust