August 11, 2017
JLL Income Property Trust Montecito Marketplace, acquired a 190,000 square-foot high-volume grocery-anchored neighborhood shopping center located in Las Vegas, NV for $63 million. The property is fully leased, and is anchored by a high-volume Smith’s Grocery (Kroger subsidiary) and TJ Maxx, with the balance made up of national and regional necessity-based restaurants, banks and personal service tenants.
JLL Income Property Trust’s Allan Swaringen says, “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.”
Montecito Marketplace is strategically located just off the I-95/I-215 interchange in North Las Vegas, and is part of the larger 330-acre Montecito Town Center mixed-use development. The submarket exhibits a unique suburban environment, due to the local employment base operating with a 24/7 three shift schedule.
For comments, questions or concerns, please contact Dennis Kaiser