January 8, 2016
JLL Income Property Trust has acquired a 13.7% stake in a 15-building retail portfolio owned by Forest City Enterprises and Madison International Realty. The REIT paid $1.3 billion for a its part in the portfolio, which has assets in all five New York boroughs and New Jersey.
JLL Income bought the stake from Madison International, which owned 49% prior to the deal. Forest City, which developed many of the properties, holds 51%.
The portfolio totals 2.7 million square feet in several retail locations, including Atlantic Terminal Mall in Brooklyn’s Fort Green neighborhood, and Times Square in Manhattan.