JLL Earnings Property Count on Obtains Silverstone Market in $47M Offer
JLL Income Property Trust, an institutionally-managed, day-to-day valued continuous life REIT (Nasdaq: ZIPTAX) (Nasdaq: ZIPTMX) (Nasdaq: ZIPIAX) (Nasdaq: ZIPIMX), revealed the purchase of Silverstone Marketplace, a newly-constructed grocery-anchored area shopping mall in the upscale Phoenix residential area of Scottsdale, Arizona. Secured by the front runner location of nationwide healthy and balanced supermarket Sprouts Farmers Market, the 78,000 square foot property is 100 percent rented to a selection of nationwide as well as local lessees with a heavy typical staying lease regard to 10 years. The acquisition cost was rough $47 million.
JLL Income Property Trust is a day-to-day valued continuous life property investment company (REIT) that offers financiers accessibility to an expanding profile of commercial property investments picked by an institutional investment management group as well as funded by among the globe's leading realty services companies.
Phoenix AZ has among the best economic situations in the country, rating 6th from 147 local areas in LaSalle's United States Regional Economic Index record, with a varied economic situation as well as apopulace that is anticipated to expand at two times the nationwide rate with 2020. The Scottsdale submarket is among one of the wealthiest locations in the nation with average home earnings amongst the greatest in the country and also with home worth over dual the Phoenix standard.
Scottsdale's high optional earnings paired with an expanding populace, and also with Sprouts' front runner store as our support, the property efficiently provides to the group located in North Scottsdale," stated Allan Swaringen, President as well as CEO of JLL Income Property Trust. LaSalle's ranking qualities going shopping facilities based on their bordering populace thickness, family earnings, and also profession location competitors.
Silverstone Marketplace is plainly situated at the southeast edge of Scottsdale Road and also Pinnacle Peak Road, 2 of the primary north/ southern thoroughfares in North Scottsdale. The property is additionally close to a number of wealthy master-planned areas along with Scottsdale Airpark, the second-largest work facility in Arizona.