JLL Income Property Trust has announced the acquisition of Silverado Square, a 48,000-square-foot retail center in Las Vegas. The retail property is anchored by Sprouts Farmers Market, shadow anchored by CVS, and includes a parcel that is fully entitled for nearly 5,000 square feet of rentable retail space. Silverado Square was acquired for $24.4 million.
“Silverado Square is a well-located property that fits within our thesis of acquiring high-quality, grocery-anchored retail centers,” says Allan Swaringen, president and CEO at JLL Income Property Trust. “Its location next to two major thoroughfares and near a large master-planned community, along with its strong tenant roster and long-term lease commitments, should bode well for the center’s continued success in generating stable income. As we saw throughout the pandemic, grocery-anchored retail is resilient, and can continue to provide returns for our stockholders throughout volatile market conditions.”
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