{"id":1004186751,"date":"2017-08-11T03:31:57","date_gmt":"2017-08-11T11:31:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004186751"},"modified":"2022-12-08T17:45:23","modified_gmt":"2022-12-09T01:45:23","slug":"las-vegas-shopping-center-trades-for-63m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/las-vegas-shopping-center-trades-for-63m\/","title":{"rendered":"Las Vegas Shopping Center Trades for $63M"},"content":{"rendered":"

By Mihaela Coste<\/p>\n

JLL Income Property Trust acquired Montecito Marketplace, a 190,000-square-foot grocery-anchored neighborhood shopping center located in\u00a0Las Vegas for approximately $63 million. The seller remained undisclosed.<\/p>\n

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\u00a093 percent STARS score. LaSalle\u2019s 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\u00a0$99,000\u00a0by 2022, according to Esri.<\/p>\n

Tenure Mix<\/strong><\/h2>\n

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<\/a> traded for $17.5 million.<\/p>\n

“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,<\/em>” said\u00a0Allan 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.<\/em>“<\/p>\n

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.<\/p>\n

Image courtesy of JLL Income Property Trust<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The asset built in 2007 is fully leased and is anchored by Smith’s Grocery, a subsidiary of Kroger and TJ Maxx. Within a five-mile radius of the property reside more than 200,000 people earning an average household income of $89,000.<\/p>\n","protected":false},"author":1192,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1593,21742,21749,15],"tags":[37201,32796,34784],"class_list":["post-1004186751","post","type-post","status-publish","format-standard","hentry","category-deals","category-las-vegas","category-latest","category-retail","category-west","tag-allan-swaringen","tag-jll","tag-lasalle"],"acf":[],"yoast_head":"\nLas Vegas Shopping Center Trades for $63M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/las-vegas-shopping-center-trades-for-63m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Las Vegas Shopping Center Trades for $63M\" \/>\n<meta property=\"og:description\" content=\"The asset built in 2007 is fully leased and is anchored by Smith's Grocery, a subsidiary of Kroger and TJ Maxx. 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