JLL Income Property Trust, an institutionally managed real estate investment trust (REIT), recently acquired Kierland Village Center, a 118,000-square-foot retail center in Scottsdale.
The property, purchased for $34.5 million, is anchored by a Safeway grocery store and houses a mix of clients.
The shopping center is at the southeast corner of 64th Street and Greenway Road, within the Kierland residential and resort area. Some of the tenants include national retailers such as Walgreens, Baskin Robbins, Einstein Brothers, Pizza Hut and The UPS Store.
"This acquisition demonstrates JLL Income Property Trust's investment strategy to acquire high-quality, well-located grocery-anchored neighborhood and community-oriented retail centers which should provide longer-term, durable income for our portfolio," Allan Swaringen, president and CEO of JLL Income Property Trust, said. "This is our twelfth grocery-anchored retail acquisition, reflecting our retail strategy to expand our portfolio in key locations where convenient access coupled with positive demographic trends support our core investment thesis."
Scottsdale's population has increased nearly 10 percent in the past 16 years and is projected to grow at double the national rate through 2020.