JLL Income Property adds Las Vegas asset to grocery-anchored portfolio
August 10, 2022 | IPE Real Assets
JLL Income Property Trust, an open-ended US real estate investment trust (REIT), has added a 48,000sqft grocery-anchored retail centre to its portfolio.
The $6.8bn (€6.6bn) REIT said it has acquired Silverado Square in Las Vegas, Nevada for $24.4m.
Allan Swaringen the president and CEO of JLL Income Property Trust, said: “Silverado Square is a well-located property that fits within our thesis of acquiring high-quality, grocery-anchored retail centres.
“Its location next to two major thoroughfares and near a large master-planned community, along with its strong tenant roster and long-term lease commitments, should bode well for the centre’s continued success in generating stable income.
“As we saw throughout the pandemic, grocery-anchored retail is resilient, and can continue to provide returns for our stockholders throughout volatile market conditions.”
The JLL Income Property Trust currently has 23 grocery-anchored retail properties in 13 key markets valued at nearly $850m, representing 13% of the REIT’s overall portfolio.
