Inland Real Estate Income Trust has purchased 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. The sales price was $278.15 million.
JLL Capital Markets represented the seller.
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, Texas (Dallas)
Northpark Square Village, 27706-27776 McBean Pkwy., Valenci