JLL Income Property Trust has acquired Silverstone Marketplace, a grocery-anchored shopping center in Scottsdale.
Anchored by the flagship Sprouts Farmers Market store, the 78,000-square-foot property at Scottsdale and Pinnacle Peak roads is completely leased to a variety of tenants with an average remaining lease term of 10 years.
"This acquisition reflects our strategy to increase our portfolio's allocation to high-quality, grocery-anchored centers in top nationally ranked retail markets," Allan Swaringen, president and CEO of JLL Income Property Trust, said. "Scottsdale's high discretionary income coupled with a growing population, and with Sprouts' flagship store as our anchor, the property successfully caters to the demographic found in North Scottsdale," he said.
"This is our seventh acquisition in the grocery-anchored retail format, all in targeted retail locations rated in the top-quartile of LaSalle's proprietary ranking of more than 40,000 grocery-anchored shopping centers," Swaringen said. "LaSalle's ranking grades shopping centers based upon their surrounding population density, household income and trade area competition. Highly rated centers like Silverstone Marketplace trigger a strong buy signal for us."