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.”
I have been in the financial services industry for 20 years and our firm provides an education platform that gets clients to “think differently” about their financial picture. For many years we have communicated to clients the need to diversify their portfolios using alternative asset classes and more specifically, private non-traded investments. Due diligence on these types of financial vehicles is essential and when I learned about Blue Vault in 2010, our firm immediately began using their material as a tool to build confidence in the minds of our advisors on which alternatives to recommend to clients. I am impressed with the way Blue Vault continues to add value to their subscribers and I view their publication as a tremendous resource in today’s complex world.