OAK BROOK, IL – Inland Real Estate Income Trust Inc. has acquired eight grocery-anchored retail properties, totaling 687,000 square feet, for $278.2 million.
The portfolio is 88.5% leased with a weighted average lease term of 6.3 years. Of the properties' total square footage, 36% is designated as grocery space.
Located across seven states, the properties are tenanted by grocery chains such as Ralphs, Target, Whole Foods Market, Giant, Trader Joe's and Sprouts Farmers Market, as well as retailers including Nordstrom Rack, Starbucks, Rite Aid and Sierra Trading Post.
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The portfolio comprises Olde Ivy Village at 4330 East-West Connector in Smyrna, GA; Denton Village at 4930 Teasley Ln. in Denton, TX; Northpark Square Village at 27706-27776 McBean Pkwy. in Valencia, CA; Northville Park Place at 18771-39869 Traditions Dr. in Northville, MI; City Place at 205 Radio Dr. in Woodbury, MN; Rusty Leaf Plaza at 2512-2560 E. Chapman Ave. in Orange County, CA; Lower Makefield Shopping Center at 700 Stony Hill Rd. in Yardley, PA; and New Town Village at 9700 Groffs Mill Dr. in Owings Mills, MD.
All of the properties are surrounded by dense populations in affluent markets, with an average household income totaling more than $130,000 within a three-mile radius.
JLL capital markets closed the sale. Representing the seller was JLL's capital markets team led by managing director Bill Moylan, senior managing director and co-head of US retail capital markets Chris Angelone, senior managing directors Barry Brown, James Galbally, Jim Hamilton and Geoff Tranchina and managing director Amy Sands.
"This trade is a terrific example of another high-quality grocery-anchored portfolio of scale trading in dense markets," Angelone said. "This portfolio provides geographic diversity, income diversity and tenancy diversity, and, although there is a little choppiness in the markets, we are seeing no slowdown in demand for well-located opportunities across the country."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
