JLL Income Property Trust has acquired Milford Crossing, a newly constructed 160,000-square-foot, high-quality, grocery-anchored neighborhood shopping center in Milford, Mass., just 24 miles from Boston. The purchase price was approximately $42 million.
The property is anchored by a new, high-sales-volume Stop & Shop grocery store, one of this grocer’s full-service concept stores, which includes a full line of prepared foods, full-service pharmacy, and instore Starbucks and Citizen’s Bank. Stop & Shop is Boston’s dominant grocer by market share, and its parent has an investment-grade credit rating. The 99 percent occupied shopping center is leased to a strong mix of e-commerce resistant, category-leading tenants, including restaurants, medical, fitness and service-oriented retailers.
Milford is well situated between New England’s major business centers, Boston, Providence and Worcester, in an affluent community with a 5-mile-radius median income that i
