JLL closes $278 million sale of grocery-anchored retail portfolio

 

Amy Sands

WASHINGTON, DC, June 15, 2022 – JLL’s Capital Markets group announced it has closed the $278.15 million sale of a portfolio comprising eight grocery-anchored retail properties totaling 687,000 square feet across affluent markets in Atlanta, Dallas, Detroit, Los Angeles, Minneapolis, Orange County, Philadelphia and Washington, D.C.

Bill Moylan 

JLL represented the seller. Inland Real Estate Income Trust, Inc. purchased the asset.

 The portfolio is 88.5 percent leased with a weighted average lease term of 6.3 years, with 36 percent of the total space designated as grocery square footage.

 

Tenants include some of the top grocery chains in the U.S., including Ralphs, Target, Whole Foods Market, Giant, Trader Joe’s and Sprouts Farmers Market, along with Nordstrom Rack, Starbucks, Rite Aid and Sierra Trading Post.

 

The portfolio consists of:

 

·         Olde Ivy Village, 4330 East-West Connector, Smyrna, GA (Atlanta)

·         Denton Village, 4930 Teasley Lane, Denton, TX (Dallas)

·         Northpark Square Village, 27706-27776 McBean Pkwy., Valencia, CA (Los Angeles)

·         Northville Park Place, 18771-39869 Traditions Dr., Northville, MI (Detroit)

·         City Place, 205 Radio Dr., Woodbury, MN (Minneapolis)

·         Rusty Leaf Plaza, 2512-2560 E. Chapman Ave., Orange, CA (Orange County)

·         Lower Makefield Shopping Center, 700 Stony Hill Rd., Yardley, PA (Philadelphia)

·         New Town Village, 9700 Groffs Mill Dr., Owings Mills, MD (Washington, D.C.)

Chris Angelone

These properties are surrounded by dense populations in affluent markets with the average household income within a three-mile radius exceeding $130,000.

 

The JLL Capital Markets team representing the seller was led by Managing Director Bill Moylan and Senior Managing Director and Co-Head of U.S. Retail Capital Markets Chris Angelone, along with Senior Managing Directors Barry Brown, James Galbally, Jim Hamilton and Geoff Tranchina and Managing Director Amy Sands.

Barry Brown

“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.”

 

The JLL Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers.

 James Galbally

The team’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.

 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.  

Jim Hamilton

About Inland Real Estate Income Trust, Inc.

 

Inland Real Estate Income Trust, Inc. was formed to acquire, directly or indirectly, a portfolio of commercial real estate located throughout the United States with a focus specifically on grocery-anchored retail assets. Inland Real Estate Income Trust, Inc. was sponsored by Inland Real Estate Investment Corporation.

 

 

About JLL

 

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.

 

Geoff Tranchina

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.

JLL is a Fortune 500 company with annual revenue of $19.4 billion in 2021, operations in over 80 countries and a global workforce more than 100,000 as of March 31, 2022.

 

CONTACT:

Kimberly Steele

PR, Capital Markets,

 Agency Leasing and

Valuation Advisory 

JLL

T +1 713 852 3420

M +1 832 244 9994

JLL.com

 

inland-investments.com.

 

 

NewMark Merrill Companies Completes $31 Million Recapitalization of Winston Plaza in Chicago Area

 

Winston Plaza community center, Melrose Park, IL

 Chicago, IL – NewMark Merrill Companies, a Woodland Hills, California-based retail shopping center owner and developer, announced it has completed a recapitalization totaling $31.2 million at Winston Plaza, a 410,000-square-foot community center located on North Avenue and 9^th Street in Melrose Park, Illinois.

Sandy Sigal

The financing includes funds for additional improvements and the addition of several new tenants.

 

 The Company also recently completed the lease renewals of Best Buy, Party City, and Five Below as well as new leases and openings of Ross Dress for Less, Citi Trends and Snipes at the property.

 

This is the second big announcement at Winston Plaza in 2022.  In March, NewMark Merrill announced that it had sold a 90,000-square-foot building to Cermak Fresh Market who will open a new state-of-the-art grocery store by the end of the year. 

Susan Rorison

This represents the second center in NewMark Merrill’s Chicago portfolio anchored by Cermak. 

 James Patton

On the recapitalization transaction, NewMark Merrill’s Sandy Sigal, Chairman and Chief Executive Officer; Susan Rorison, Chief Operating Officer; James Patton, Senior Vice President, Leasing & Acquisitions; Sandra Kist, Chief Financial Officer; and Brad Pearl, Executive Vice President made up the refinance team.

 Bryan Gortikov of Gortikov Enterprises arranged the financing with Wells Fargo Bank. Additionally, Kevin Mottlowitz with GMX and Joe Parrot with CB Commercial assisted on this transaction with Dino Geroulis and John Roberson from Axis Realty representing Cermak Fresh Market.

Sandra Kist

Leasing at Winston Plaza is overseen by Brad Pearl and Darren Bovard of NewMark Merrill and Joe Parrot and Sean McCourt from CB Commercial.

Brad Pearl

“Winston Plaza has been a core asset for us since we acquired it over 15 years ago," stated Sigal.

 

 "It plays a key role as the premier shopping destination in Melrose Park community, and we felt it was important to continue to reinvest in the center post-COVID. 

 

"We have seen an amazing amount of leasing activity over the last few quarters bringing in further national, regional and local tenants.

 

 “By recapitalizing this asset, we will be best positioned to accomplish our business plan of stabilizing the center financially for the long-term, enabling us to provide a best-in-class property for its tenants and the community.” 

Darren Bovard 

Winston Plaza is anchored by Best Buy, Ross, Marshalls, Dollar Tree, Cermak Grocers and Five Below. 

  It is also leased to several national and local retailers and restaurants including Party City, Chick-fil-A, Citi Trends, IHOP, Chuck E. Cheese, Foot Locker, Carter’s, Baskin Robbins, Dunkin’, and Wing Stop among others.

 

Joe Parrot 

About NewMark Merrill Companies

NewMark Merrill Companies, Inc. owns and/or manages a portfolio of over 90 shopping centers valued at more than $2 billion.

 

Since 1987, President and Chief Executive Officer Sandy Sigal has led the company of shopping centers representing over 2,000 tenants and 11 million square feet in California, Colorado and Illinois.

Sean McCourt

The Company has founded and invested heavily in BrightStreet Ventures, its technology company, which is working on leading edge solutions for landlords and tenants to succeed in today’s retail environment.

 

CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

NewMarkMerrill.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

 

Stan Johnson Co. brokers sale of Shoppes at Webb Gin in metro Atlanta for $97 million

 

Margaret Caldwell

LAWRENCEVILL, GA -- Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of an open-air shopping center located at 1250 Scenic Highway South in Lawrenceville, Georgia.

The Shoppes at Webb Gin is a 330,000-square-foot center anchored by Barnes & Noble, DSW and the state’s top visited Sprouts grocery store.

Margaret Caldwell and Patrick Kelley of Stan Johnson Company brokered the sale on behalf of Olshan Properties, a full-service real estate investment firm based in New York. 

Patrick Kelley 

The property was acquired for $97.0 million by Baltimore, Maryland-based Continental Realty Corporation. At the time of sale, the center was 89 percent leased.

“Webb Gin’s tenants have benefitted from the significant increase of shopping in the suburbs with average sales growing year-over-year by around 30 percent. This will lead to rental growth given the high occupancy in the overall market,” said Caldwell, Managing Director and Partner in Stan Johnson Company’s Atlanta, Georgia office.

 “Demand for these types of centers is substantial in today’s market. We were under contract even before broadly marketing the listing.”

“The Shoppes at Webb Gin’s strong tenancy, leasing momentum and robust sales coming out of the pandemic accentuate the property’s investment appeal, and a compelling preemptive offer made for a smooth sales process,” added Kelley, Associate Director.

CONTACT:

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

www.stanjohnsonco.com.

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”