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JLL Income Property Trust JV Closes on NYC Retail Property Portfolio

JLL Income Property Trust, an institutionally-managed, non-listed, daily valued perpetual life REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), acquired an approximate 14 percent interest in a portfolio of 15 urban infill retail properties located in the greater New York City area. The purchase price for the portfolio was approximately $1.3 billion with Income Property Trust’s interest representing a $165 million gross investment including assumption of existing in-place debt.

The portfolio is leased to a mix of grocer, consumer staple, big box, discount and entertainment retailers strategically positioned in high-density and transportation hub locations.

“This investment offers us the rare opportunity to complement our growing portfolio of suburban grocery anchored shopping centers with ownership in a diversified portfolio of Class A retail properties in irreplaceable urban infill locations in the densest metropolitan area in the U.S.,” commented Allan Swaringen, president and chief executive officer of JLL Income Property Trust.

The portfolio contains approximately 2.7 million square feet in retail locations in Manhattan, Brooklyn, Queens, the Bronx, Staten Island and New Jersey and is 98.5 percent leased to a high-quality tenant roster and includes several national retailers’ top grossing flagship stores. All of the properties are located at or near major transportation hubs, in urban areas with significant foot-traffic and high public visibility, or along major thoroughfares.

JLL Income Property Trust owns and manages a diversified portfolio of high quality, income-producing office, retail, industrial and apartment properties located primarily in the United States, and expects to further diversify its real estate portfolio over time, including on a global basis.