Electronic income

Inland Real Estate Income Trust Acquires Retail Portfolio for $278M

OAK BROOK, IL – Inland Real Estate Income Trust Inc. has acquired eight retail properties with groceries, totaling 687,000 square feet, for $278.2 million.

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

Located in seven states, the properties are occupied by grocery chains such as Ralphs, Target, Whole Foods Market, Giant, Trader Joe’s and Sprouts Farmers Market, as well as retailers such as Nordstrom Rack, Starbucks, Rite Aid and Sierra Trading Post.

The portfolio includes Olde Ivy Village at 4330 East-West Connector in Smyrna, GA; Denton Village at 4930 Teasley Ln. in Denton, Texas; Northpark Square Village at 27706-27776 McBean Pkwy. in Valencia, California; Northville Park Place at 18771-39869 Traditions Dr. in Northville, MI; City Place at 205 Radio Dr. in Woodbury, MN; Rusty Leaf Plaza at 2512-2560 E. Chapman Ave. in Orange County, California; Lower Makefield Mall at 700 Stony Hill Rd. in Yardley, PA; and New Town Village at 9700 Groffs Mill Dr. in Owings Mills, MD.

All properties are surrounded by dense populations in affluent markets, with average household incomes totaling over $130,000 within a three-mile radius.

JLL Capital Markets completed the sale. The seller was represented by JLL’s capital markets team led by managing director Bill Moylan, senior managing director and co-head of US retail financial markets Chris Angelone, senior managing directors Barry Brown, James Galbally, Jim Hamilton and Geoff Tranchina and General Manager Amy Sands.

“This trade is a great example of another high-quality portfolio anchored in a grocery store of large-scale trading in dense markets,” Angelone said. “This portfolio offers geographic diversity, income diversity and tenant diversity, and while there is some turmoil in the markets, we are not seeing any slowdown in demand for well-located opportunities across the country.”