JLL Income Property Trust, an institutionally managed, daily valued perpetual life REIT has recently acquired Montecito Marketplace, a 190,000-square-foot high-volume grocery-anchored neighborhood shopping center located in Las Vegas. The property is fully leased, and is anchored by a high-volume Smith’s Grocery and TJ Maxx with the balance made up of national and regional necessity-based restaurants, banks and personal service tenants.
The purchase price was approximately $63 million. According to a prepared release, Las Vegas has benefitted from steady population growth due to its high quality of life, lower housing costs and favorable tax benefits. The residential housing market has grown by 15% since 2000, and median new home prices have increased by 6% to $312,000, the release says.
The North Las Vegas submarket has seen 23% growth in population with median incomes that are 45% higher than the Las Vegas average. Over 200,000 people earning an average household income of $89,000 reside within a five-mile radius of Montecito Marketplace, which is anticipated to increase to $99,000 by 2022, the release states.
“Montecito Marketplace is an excellent fit within JLL Income Property Trust’s retail portfolio, as we increase exposure to high-quality, grocery-anchored centers in strong metropolitan markets,” says Allan Swaringen, President and CEO of JLL Income Property Trust. “This property’s irreplaceable location, high credit profile and long-term leases make it an excellent addition to our core, income-oriented portfolio.”
Montecito Marketplace is strategically located just off the I-95/I-215 interchange with visibility to an estimated 52,000 vehicles per day, and is part of the larger 330-acre Montecito Town Center, a mixed-use development that benefits from close proximity to several large employers including military, hospitality and healthcare services.
The property offers excellent visibility and access with a 93% STARS score, LaSalle’s Supermarket Trade Area Ranking System which analyzes over 40,000 grocery-anchored centers based on spending power and competition in the trade area, the release says.