JLL Income Property Trust Buys Scottsdale Shopping Center for $47 Million
Aug 02 2016 | by DI Wire
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), a non-listed, daily valued perpetual life real estate investment trust, purchased Silverstone Marketplace in the Phoenix suburb of Scottsdale, Arizona for $47 million.
Silverstone Marketplace is a newly-constructed shopping center anchored by national health food chain, Sprouts Farmers Market. The 78,000-square-foot property is 100 percent leased to a variety of national and regional tenants with a weighted average remaining lease term of 10 years. Silverstone is located within close proximity to a number of affluent master-planned communities as well as Scottsdale Airpark, the second-largest employment center in Arizona.
“This acquisition reflects our strategy to increase our portfolio’s allocation to high-quality, grocery-anchored centers in top nationally ranked retail markets,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “Scottsdale’s high discretionary income coupled with a growing population, and with Sprouts’ flagship store as our anchor, the property successfully caters to the demographic found in North Scottsdale.”