JLL Income Property Trust Pays $42M for Suburban Boston Shopping Center
JLL Income Property Trust’s latest purchase totals 160,000 square feet and is anchored by grocer Stop & Shop.
MLFORD, MA—Chicago-based JLL Income Property Trust has added to its retail portfolio with the $42-million acquisition of the nearly fully-leased Milford Crossing shopping center here.
JLL Income Property Trust’s latest purchase totals 160,000 square feet and is anchored by grocer Stop & Shop. The property, located 24 miles from Boston, is 99% occupied and is leased to a mix of e-commerce resistant, category-leading tenants including restaurants, medical, fitness and service-oriented retailers.
The Stop & Shop at Milford Crossing is one of the grocer’s full-service concept stores that includes a full line of prepared foods, full-service pharmacy, and in-store Starbucks and Citizen’s Bank.
“Milford Crossing is an excellent fit within JLL Income Property Trust’s strategy to acquire higher quality, well-located core, income-producing properties in primary markets around the country,” says Allan Swaringen, president and CEO of JLL Income Property Trust. “This investment aligns well with our objective of providing secure, durable, long-term income streams for investors and make it an excellent addition to our core, income-oriented portfolio.”
He adds that a total of 80% of the square footage at Milford Crossing is leased to credit tenants and with a weighted average lease term in excess of 10 years.
Last month, JLL Income Property Trust announced the acquisition of Chandler Distribution Center, a 211,000-square-foot, Class A industrial asset located in the Southeast submarket of Phoenix for $31 million.