JLL Buys $35M Retail Center in Suburban Phoenix
- Oct 14, 2016
by Evelina Croitoru
Phoenix—JLL Income Property Trust has announced the $34.5 million purchase of Kierland Village Center in Scottsdale, Ariz. The seller, Kierland Village CMH LLC, was represented by Michael Hackett and Ryan Schubert, executive managing directors with Cushman & Wakefield.
Located at the southeast corner of 64th street and Greenway Road, Kierland Village Center encompasses 118,226 square feet of retail space, with 60 percent of the overall leasable space being occupied by the center’s anchors, Safeway and Walgreens. The property is placed within the Kierland Master Planned Community, a 730-acre community that includes Westin Kierland Resort and Golf Club, 216 acres of residential space, 107 acres of commercial and retail space, 123 acres of office space and 11 acres of parking. Kierland’s tenant roster also includes El Pollo Loco, The UPS Store, Subway, Baskin Robbins and Fantastic Sams, among others. At the time of sale, the property was 100 percent leased.
“This is our 12th 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,” Allan Swaringen, president & CEO of JLL, said in a prepared statement.
The city of Scottsdale is a thriving community that has seen a nearly 10 percent population increase since 2000, which is projected to grow at twice the national rate through 2020. With median household incomes among the highest in the nation, the city also boasts a highly-educated population with 46 percent of individuals 25 and older having at least a bachelor’s degree, significantly higher than the state and national averages.
Image courtesy of JLL