{"id":1004155316,"date":"2016-10-14T01:47:31","date_gmt":"2016-10-14T09:47:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004155316"},"modified":"2020-05-13T22:38:53","modified_gmt":"2020-05-14T06:38:53","slug":"jll-buys-35m-retail-center-in-suburban-phoenix","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jll-buys-35m-retail-center-in-suburban-phoenix\/","title":{"rendered":"JLL Buys $35M Retail Center in Suburban Phoenix"},"content":{"rendered":"<p>by Evelina Croitoru<\/p>\n<p><strong>Phoenix<\/strong>\u2014<a href=\"https:\/\/www.jllipt.com\/\" rel=\"nofollow\" target=\"_blank\">JLL Income Property Trust<\/a> has announced the $34.5 million purchase of Kierland Village Center in Scottsdale, Ariz. The seller, Kierland Village CMH LLC, was represented by Michael Hackett and Ryan Schubert, executive managing directors with <a href=\"https:\/\/www.cushmanwakefield.com\/\" rel=\"nofollow\" target=\"_blank\">Cushman &amp; Wakefield<\/a>.<\/p>\n<div id=\"attachment_1004155473\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Kierland-Village-Center.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004155473\" data-attachment-id=\"1004155473\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jll-buys-35m-retail-center-in-suburban-phoenix\/kierland-village-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Kierland-Village-Center.jpg\" data-orig-size=\"889,500\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;16&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark II&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1455042569&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;24&quot;,&quot;iso&quot;:&quot;160&quot;,&quot;shutter_speed&quot;:&quot;1.3&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Kierland Village Center\" data-image-description=\"&lt;p&gt;Kierland Village Center&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Kierland Village Center&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Kierland-Village-Center.jpg?w=889\" class=\"wp-image-1004155473 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Kierland-Village-Center.jpg\" alt=\"Kierland Village Center\" width=\"300\" height=\"169\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Kierland-Village-Center.jpg 889w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Kierland-Village-Center.jpg?resize=300,169 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Kierland-Village-Center.jpg?resize=768,432 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004155473\" class=\"wp-caption-text\">Kierland Village Center<\/p><\/div>\n<p>Located at the southeast corner of 64<sup>th<\/sup> street and Greenway Road, Kierland Village Center encompasses 118,226 square feet of retail space, with 60 percent of the overall leasable space being occupied by the center\u2019s anchors, Safeway and Walgreens. The property is placed within the Kierland Master Planned Community, a 730-acre community that includes Westin Kierland Resort and Golf Club, 216 acres of residential space, 107 acres of commercial and retail space, 123 acres of office space and 11 acres of parking. Kierland\u2019s tenant roster also includes El Pollo Loco, The UPS Store, Subway, Baskin Robbins and Fantastic Sams, among others. At the time of sale, the property was 100 percent <a href=\"https:\/\/www.commercialsearch.com\/news\/leasing\/\" target=\"_blank\">leased<\/a>.<\/p>\n<p>&#8220;This is our 12<sup>th<\/sup> grocery-anchored retail acquisition, reflecting our retail strategy to expand our portfolio in key locations where convenient access coupled with positive demographic trends support our core investment thesis,&#8221; Allan Swaringen, president &amp; CEO of JLL, said in a prepared statement.<\/p>\n<p>The city of Scottsdale is a thriving community that has seen a nearly 10 percent population increase since 2000, which is projected to grow at twice the national rate through 2020. With median household incomes among the highest in the nation, the city also boasts a highly-educated population with 46 percent of individuals 25 and older having at least a bachelor&#8217;s degree, significantly higher than the state and national averages.<\/p>\n<p><em>Image courtesy of JLL<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kierland Village Center is leased to a variety of tenants, including anchors Safeway and Walgreens, as well as El Pollo Loco, The UPS Store, Subway, Baskin Robbins and Fantastic Sams.<\/p>\n","protected":false},"author":1055,"featured_media":1004155473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,1601,21749,15],"tags":[],"class_list":["post-1004155316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-phoenix","category-retail","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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